How much have business electricity prices gone up by?
There's plenty of talk about sky-rocketing bills, but what kind of increases are we actually talking about? Well, we've been taking a look at our numbers and doing a bit of analysis to see how much business electricity prices have really been going up by. Here are the results (hover over the lines to see exact numbers):
On the positive side, the price increases seem to be slowing down. The biggest rise happened in 2010, when bills went up by 27%. Growth slowed significantly to 12% on 2011, and in the first quarter of 2012, the average bill only went up by about £10.
We've added in a projection of where bills might be by the end of the year if prices continue to go up at the same rate as they did last year. Another 12% increase would mean an average electricity bill of £2890.35 a year - that's a potential increase of 70% in the space of three years. (I can image many of you are wishing you'd signed up to a two or three year fixed rate energy contract back in 2010 now!)
These numbers should be a wake up call to think about your business energy bills. You can’t stop prices going up, but you can make sure that you’re getting the best possible deal.
There’s an average difference of 70% between the unit rates businesses pay before they come to us and the unit rates they pay after they switch - that’s not a saving to be sniffed at. And if rising prices are real worry, we can help you decide if a two, three or even five year contract would be a good choice for your business. Give our energy advisors a call on 0800 688 8568.
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- Interview with Steve Fitzsimons of new business energy supplier, Hudson Energy
- Business week in brief: 4th May 2012
- The see saw of corporate profit
- Business week in brief: 27th April 2012
- EDF Energy’s Business Customer Commitments: four key pledges
- Businesses buck the trend when it comes to smaller energy suppliers