Co-operative Energy, the new domestic energy supplier from The Co-operative, has promised to hold prices at their current levels until at least the end of September for existing customers despite rises in the energy price market.
The price protection for existing customers is part of the Co-operative difference - to reward the loyalty of existing members by giving them the best prices possible.
The company has today announced that new customers joining after 13th April will have to pay more for their energy, for the following reasons:
- The wholesale cost of gas and electricity, which is what Co-operative Energy has to pay to buy the energy, has increased by more than 20% since the end of last year.
- The transmission and distribution costs for electricity, which represent about 25% of the total cost of electricity, have increased by on average 8.5% from March 2011 and that increase differs from region to region.
- Further details on the breakdown of energy costs can be found here
- Unrest in the Middle East, the natural disaster in Japan and the increase in demand for gas at the expense of nuclear power all mean that wholesale costs are likely to remain at today's higher levels for some months.
Full details of the price increases are posted here
Co-operative Energy will remain competitively priced, with no tie-ins, no exit penalties and no hidden charges.