British Gas hikes prices 15 percent!

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Jamjar
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British Gas hikes prices 15 percent!

Post by Jamjar » Tue Jan 22, 2008 4:52 pm

Ooh goody, yet another price hike!
LONDON (Reuters) - British Gas raised charges for domestic gas and electricity by 15 percent with immediate effect, its owner Centrica said on Friday.

It said wholesale forward gas prices had risen 51 percent since it cut household charges last spring, eroding its profit margins to around 1 per cent, and if it didn't hike prices now it would make a loss in 2008.

British Gas has a string of gas-fired power stations and is therefore more exposed to swings in the wholesale price of gas than its rivals, many of which have hydroelectric and coal-powered stations.

It made its move after the energy regulator this week ruled out newspaper allegations the big power firms were colluding on prices.

Centrica shares rose 2.6 percent to 346.75 pence by 12:41 p.m.

Rival EDF Energy said this week it would increase power prices for its customers from Friday, less than two weeks after Germany's RWE announced double digit increases for customers of its UK unit npower.

The energy regulator met Chancellor Alistair Darling on Tuesday to assure the government the price hikes were the result of rising global energy costs, the cost of fighting climate change and increased network investment.

Scottish & Southern, which has a broad mix of power sources including coal, hydro and wind, said it would not raise prices until March 30 at the earliest.

British Gas called for the rest of Europe to follow Britain by liberalising energy markets faster to help break the historic link between gas prices and oil prices, which have recently reached historic highs.

"The UK gas market is competitive but is now fully linked to Continental Europe where the gas market is less competitive and prices are linked to oil prices," British Gas MD Phil Bentley said.

"As oil prices have increased, so has the cost of gas across Europe, and this has hit the UK," he added.
:eek: Oh NOOOOOooooooo, 1% loss in their billion pound profit, so what's the answer, force the UK public to pay even MORE money to them! :gr:

Nice to note that the Germans own npower! :rolleyes:


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Post by Moony » Tue Jan 22, 2008 8:16 pm

Scottish Power cant do sums a bit - they sent me a letter saying that my account was in credit but to help me stay in credit they had changed my monthly DD payment from £46 to £92 - eh?
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Post by Jamjar » Thu Jan 24, 2008 8:36 pm

Sheesh! These companies need a swift kick up the butt for all their greed! :gr:
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Wots Gas

Post by poundy » Fri Jan 25, 2008 9:41 pm

Wots Gas?
I still use wood and stones Whoops I burnt ma hands Lol

Yes I agree Prices are so High,, They are high at winter they know we use more gas then of coasre prices will drop when its summer because we use less..

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Post by Moony » Sat Jan 26, 2008 1:39 pm

I think 100% increase on my direct debit is OTT as I'm in credit and the direct debit is supposed to be an average of my annual usage so shouldnt change. I dont use more gas in the winter as I dont have any heating and rarely cook - whatever the weather
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