Centrica has announced it will raise electricity prices by 12.5%, with gas prices to remain unchanged.
The move will come into effect on 15th September, expected to affect around 3.8 million out of 8.1 million customers. This will increase the average domestic dual fuel bill by around £76 per month.
The move has been blamed on rises in third party charges, namely transmission and distribution costs.
Iain Conn, Chief Executive of Centrica said: “The reason for this increase is that transmission and distribution costs and policy costs, which largely affect electricity, have gone up by £98 and that has been offset partly by our view of wholesale electricity costs, which have gone down by £36, making an increase of £62.
“This is the first time that we have put a price increase since November 2013 and since that time we have made four decreases to that point… as we aimed to pass through the costs that we were saving from lower commodity prices to our customers.”
This news comes as Centrica reports pre tax profits of £639 million for the first six months of 2017.