Energy prices set to rise during the next year

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Millions of households in the United Kingdom could see their energy bills rise during the winter months with suppliers across the board set to implement price increases.

SSE has already announced that it will be raising the prices of gas and electricity, ScottishPower - a supplier that is partaking in the Warm Home Discount Scheme -
and First Utility have withdrawn their cheapest fixed rate tariffs, whilst British Gas has warned its customers that prices could rise by anywhere as high as £100 in 2013.

To anger customers further the Daily Telegraph has reported that suppliers could see increased profits too. In the same article experts have stated that the annual average energy bill could hit a record amount of £1,428 during the next year.

In reaction to the price hikes and increased profits, leader of the Labour Party, Ed Miliband has unveiled plans to put tighter restrictions on suppliers.

Speaking at the Labour conference in Manchester, he revealed that a Labour government would scrap industry regulator Ofgem in favour of a new regulator that would place pressure on the biggest energy suppliers to lower their prices when the prices at wholesale fell.

He stated: "We'll make sure when the big energy companies pay less for the power they buy, you pay less for the energy you buy."

"The current system of regulation is not working. We'll rip it up to stop you getting ripped off.

"This is a first shot in the all-out attack I want to launch on the way the rules of our economy now appear to be stacked against you," Miliband concluded.

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