LONDON (Alliance News) - FTSE 100-listed energy supplier SSE PLC on Wednesday said it will increase UK domestic energy prices in July, with both gas and electricity prices going up.
The company said the increase will equate to a change of GBP76, or an average 6.7% rise, for a typical dual fuel customer.
The company said it had taken the "difficult decision" to increase electricity and gas prices as a result of the increasing costs of supply electricity, principally from higher wholesale energy prices and the cost of delivering government policy initiatives designed to modernise and decarbonise Britain's energy system. As such, electricity prices will rise an average of 7.7% while gas prices will increase by 5.7%.
The price rise is expected to hit around 2.4 million SSE customers across the country. SSE also said it will remove its GBP6 per fuel, per year paperless billing discount from mid-July.
"We deeply regret having to raise prices and have worked hard to withstand the increasing costs that are largely outside our control by reducing our own internal costs," said Chief Commercial Officer Stephen Forbes.
"However, as we've seen with recent adjustments to Ofgem's price caps, the cost of supplying energy is increasing and this ultimately impacts the prices we're able to offer customers," Forbes added.
Shares in SSE were trading 0.4% lower at 1,370.00 pence each on Wednesday
SSE (SSE)