USwitch Reports Further Utility Bill Rises For Homeowners

Despite Britain's six biggest power suppliers increasing the price of their tariffs only a couple of months ago, consumers could be set to find themselves coming under additional monetary pressures, it has been recommended.

Pointing towards Centrica's recently-released interim management statement, uSwitch claimed that two additional rounds of price increases could be set to take place more than the coming months. In its report Centrica pointed out wholesale gas and energy expenses have been increasing due to a shortfall in imports from continental Europe and increasing demand from countries in Asia for liquefied all-natural gas. Record oil costs in Britain had been also shown to have played a dominate role in the future of energy costs. As such, it asserted that month-ahead costs for power and gas currently stand at 100 and 92 per cent above respectively figures recorded during the exact same period of time in 2007.

Following on from growing utility bill costs, it may be possible that Britons find themselves coming below much more pressure when managing other constraints on their finances in areas such as credit and shop cards, personal loans and mortgage repayments.

Despite the average power bill already growing by 15 per cent - or 136 pounds - so far this year, the price comparison site stated that a further rise of ten per cent (105 pounds) could be introduced by the end of the summer. Meanwhile, a price hike of 15 per cent was reported to be most likely to take location in the early stages of subsequent year.

Tim Wolfenden, head of home solutions for uSwitch, stated: "If Centrica - the parent of British Gas, Britain's greatest supplier - is feeling such acute pressure over pricing then it's safe to say that others are feeling it as well. Suppliers have been holding firm, but the cracks are starting to show. It is pretty clear that something has to give and that household energy prices are going to be shooting up once more this year.

"Suppliers usually give consumers breathing space by introducing a couple of smaller cost increases rather than hitting households in one fell swoop. The pressure they are below should not be enough to change this pattern, but it could be sufficient to force their hand sooner."

If such increases take place Mr Wolfenden stated that the common energy bill could rise to stand at 1,327 pounds. Such a figure, he reported, will outcome in utility expenses surging by 46 per cent over the course of this year. He went on to assert that in a period of power bills becoming evermore expensive, those people struggling with their money management could be set to look towards a fixed-rate deal due to the safety which they offer.

For those customers who are concerned about how they will organise their finances with the prospect of rising power bills, taking out a debt consolidation loan might be recommended. By selecting this type of loan, borrowers might find that they are able to merge numerous constraints on their spending into a single low-price month-to-month repayment.

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