Power firm hikes prices 27pc

SMALL energy companies have started hiking their prices.

Toto Energy is raising two of its variable rate tariffs by up to 27 pc between today and January 5, which means customers with typical usage will see their bills rise from around £855 to £1,087 a year.

And Good Energy is to hike electricity bills by 7.5 pc, and gas by 6.8 pc, on January 18 for 70,000 customers.

It means a household with typical usage will see dual-fuel bills jump by £81 from £1,167 to £1,248 a year. But just 5,000 Toto customers will be affected because the firm has had to cancel the rise for thousands on discounted variable tariffs due to an error in the welcome letters it sent out, mistakenly telling customers they were protected by a ‘price guarantee’ which doesn’t apply to variable deals.

Toto has also increased the amount it takes in monthly direct debits by 50 pc. It says this is to cover extra costs over the colder months between October and March and the amount will drop 50 pc between April and September. Customers can contact the firm to opt out.

Toto and Good Energy say price rises are due to higher wholesale costs.