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24/06/2005
Gas prices could rise again
British Gas has warned customers that gas prices could be increased again.
Centrica, which owns British Gas, said that the price rises were being introduced because of expectations of an increase in wholesale prices.
The price rises would follow a 12.4% increase in September last year and a further rise of 5.9% in January.
Last September’s price rise lost British Gas 1.1 million customers. The company has also lost 445,000 more customers since the beginning of this year.
However, Centrica said that this year’s wholesale gas prices were expected to be 51% higher than last year and the company said that the latest price increases would be a “necessity”.
Centrica’s finance director Phil Bentley admitted that it was likely that the increase would be more than 12% and could be as much as 15%.
The news came as it was revealed that British Gas profits for the first half of the year are expected to be less than the £274 million reported a year ago, largely due to the loss of customers to other rival suppliers.
(KMcA/SP)
Centrica, which owns British Gas, said that the price rises were being introduced because of expectations of an increase in wholesale prices.
The price rises would follow a 12.4% increase in September last year and a further rise of 5.9% in January.
Last September’s price rise lost British Gas 1.1 million customers. The company has also lost 445,000 more customers since the beginning of this year.
However, Centrica said that this year’s wholesale gas prices were expected to be 51% higher than last year and the company said that the latest price increases would be a “necessity”.
Centrica’s finance director Phil Bentley admitted that it was likely that the increase would be more than 12% and could be as much as 15%.
The news came as it was revealed that British Gas profits for the first half of the year are expected to be less than the £274 million reported a year ago, largely due to the loss of customers to other rival suppliers.
(KMcA/SP)
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