Energy price rise announced by npower

<p>Energy firm npower has announced its tariffs are being put up.</p>

Energy company npower has become the latest supplier to confirm it is raising the cost of gas and electricity.

The firm yesterday (October 21st) revealed that it will be introducing an electricity price rise of 9.3 per cent, while the cost of gas will be raised by 11.1 per cent.

Chief executive at npower Paul Massara stated that he is aware the price rises will be "unwelcome" to customers, but explained the decision to up tariffs was not taken lightly.

"We will continue to take steps where we can to reduce the impact of the external influences on energy bills," he said.

British Gas and SSE have also announced major changes to their gas and electricity bills over the course of the last few days.

It was claimed by npower that it has to charge more for gas and electricity to balance out the cost increases in delivering energy to homes, fulfilling government schemes and raw materials.

The share price of RWE npower is down this morning (October 22nd), as the markets continue to respond to the price rises.

At 08:26 BST, its stocks were trading 0.64 per cent down on the start of the session.

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