Published: Wed, August 02, 2017
Markets | By Erika Turner

British gas hikes up electricity prices

British gas hikes up electricity prices

The group said the increase was its first since November 2013 and insisted its overall electricity costs had increased by 16 per cent since then.

The company noted that the price of electricity will rise by 12.5 percent from mid-September, while gas price will be held at current level. Gas prices remain unchanged, meaning that the annual dual fuel bills will rise by 7.3% to £1,120.

"As a former public utility, British Gas has a huge number of customers who don't switch, and is clearly treating these people like cash-cows".

This has sparked outrage amongst numerous companies' customers as they threaten to switch electricity providers to send British Gas a message. Customers should not be lulled into a false sense of security. Their standard tariff now costs £286 a year more than the cheapest deal on the market.

"It's time switch supplier and send a message that price rises like these just aren't acceptable".

And mounting utility bills combined with flatlining household incomes and poor building standards on insulation, mean the problem has been growing steadily in the United Kingdom for years. This is now coming to an end.

Mark Hodges, chief executive, Centrica Consumer, said: "We held off increasing prices for many months longer than most suppliers in order to protect our customers from rising costs, so it is a hard decision to have to announce an increase in electricity prices".

"We have seen our wholesale costs fall by about £36 on the typical bill since the beginning of 2014 and that is not the driver", said Centrica chief executive Iain Conn.

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"We will introduce a safeguard tariff cap that will extend the price protection now in place for some vulnerable customers to more customers on the poorest value tariffs ... the safeguard tariff cap will protect customers who do not switch against abusive price increases". "British Gas increase will cripple me".

The programme is "ahead of schedule", according to the company, as it completed or announced more than £800m-worth of central power generation and exploration and production disposals in the first half of 2017.

If you're on the Warm Home Discount - or want to register for it, you can find out more here.

He added: 'A British Gas price rise is completely unjustifiable.

Seven in 10 households are overpaying for their energy on expensive standard tariffs - but there is a way out.

This means your prices won't fluctuate - which is often what happens with standard tariffs - often the most expensive around.

Gas prices will not be going up.

Credit will be given to help protect 200,000 of the most vulnerable customers, it said, and stressed it was "one of the last suppliers to introduce a price rise, many months after increases by most suppliers". And if you're on the fence about whether to find a new provider after the British Gas news, his advice is unequivocal.

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