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17/02/2006
British Gas to increase prices by 22%
British Gas has announced that its gas and electricity prices will increase by 22% from March 1.
Centrica, the energy supplier's owner, said that the price increased has been caused by "unprecedented increases in the wholesale cost of energy".
Centrica said that the price of buying gas was now 63% higher than in 2005 and that wholesale gas prices in Britain were now the highest in Europe.
On Thursday, the European Commission and UK regulator Ofgem said that the lack of open access across continental energy markets was a key factor behind the shortfall in gas supplies coming into Britain and was responsible for increasing wholesale energy prices here.
However, Centrica said that British consumers were still paying "substantially less" than many European countries such as Germany, France and Italy.
British Gas had warned that prices would rise in Centrica's trading statement in December.
Mark Clare, Managing Director, said: "The energy map is being redrawn with Britain now dependent on gas importers from Europe - a market the Commission says is "seriously malfunctioning". Recent events in Russia have underlined how our energy markets are connected and this has served as a wake up call across Europe.
"While there can be no guarantees in such a volatile wholesale market, we see no need for any further price rises this year, assuming the infrastructure is ready to deliver new gas next winter and that proper action is taken following the Commission's findings."
(KMcA)
Centrica, the energy supplier's owner, said that the price increased has been caused by "unprecedented increases in the wholesale cost of energy".
Centrica said that the price of buying gas was now 63% higher than in 2005 and that wholesale gas prices in Britain were now the highest in Europe.
On Thursday, the European Commission and UK regulator Ofgem said that the lack of open access across continental energy markets was a key factor behind the shortfall in gas supplies coming into Britain and was responsible for increasing wholesale energy prices here.
However, Centrica said that British consumers were still paying "substantially less" than many European countries such as Germany, France and Italy.
British Gas had warned that prices would rise in Centrica's trading statement in December.
Mark Clare, Managing Director, said: "The energy map is being redrawn with Britain now dependent on gas importers from Europe - a market the Commission says is "seriously malfunctioning". Recent events in Russia have underlined how our energy markets are connected and this has served as a wake up call across Europe.
"While there can be no guarantees in such a volatile wholesale market, we see no need for any further price rises this year, assuming the infrastructure is ready to deliver new gas next winter and that proper action is taken following the Commission's findings."
(KMcA)
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