Will gas prices mean a rate increase?

BRITISH Gas owner Centrica said yesterday it would raise gas prices by a record 35 per cent and electricity prices by 9 per cent as it passes on rising energy costs to householders.

The country’s largest energy supplier, with 16m customers, said the move would take place immediately – after revealing its half-year operating profits from its residential gas business plunged 69 per cent to £166m from a year ago.

Centrica’s price hike comes just a few days after rival EDF Energy put up gas prices by 22 per cent and electricity prices by 17 per cent, with other power firms expected to follow suit.

British Gas managing director Phil Bentley said: “We very much regret that we have had to make this decision at a time when many household budgets are already under pressure.”

Soaring energy prices have cost British Gas an extra £2bn over the last year, leading it to pass on costs to consumers. Analysts said these hikes may further stoke inflation, increasing the pressure on the Bank of England to hike interest rates at a time when it is also trying to head off recessionary pressures.

Capital Economics economist Paul Dales said if other energy suppliers mirror these increases the consumer price index would rise by 0.6 per cent, pushing it from 3.8 per cent to 4.4 per cent in August. Dales said: “The news that British Gas became the second utility supplier to raise its price means that inflation is likely to rise further and faster then we previously expected.”

This could spell further bad news for homeowners and investors looking to renew their mortgages.

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British Gas Raises Energy Bills!

EDF have already raised prices this summer

British Gas owner Centrica has announced it is to raise gas prices by 35% and electricity prices by 9%.

The UK's biggest domestic energy supplier said that the price hikes would take place with immediate effect.

It blamed "soaring wholesale energy prices", but added that standard tariff prices would not rise again in 2008.

The move comes just a few days after rival EDF Energy put up gas prices by 22% and electricity prices by 17%, with other firms expected to follow suit.

Dual fuel

Centrica said the average dual fuel bill would go up by 25%. This is the second increase this year, after a 15% rise in bills in January.

"We very much regret that we have had to make this decision at a time when many household budgets are already under pressure," said British Gas managing director Phil Bentley.

"The simple fact though is that we have entered an era of unprecedented high world energy prices."

A report prepared for Centrica earlier this month warned that annual average gas bills could rise from £600 to more than £1,000 early in the next decade.

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Household bills will suffer from energy price hikes, MPs say

MPs have called for an urgent address of problems caused by rises in gas and electricity bills, the BBC reports.

The Business and Enterprise Select Committee said that energy price increases will impact seriously upon households and that thousands of manufacturing jobs could be lost if UK prices stay higher than comparative ones in Europe.

Its inquiry found that the UK energy market is not as efficient as it could be, but there was no evidence to suggest that major firms are colluding to keep prices high.

Still, committee chairman Peter Luff commented that this did not mean the report had given the main energy companies "a clean bill of health - far from it".

EDF Energy raised gas and electricity prices by 22 per cent and 17 per cent for domestic and small business customers last week.

Financial website Moneyexpert.com described the rises as "a kick in the teeth for their 7.9 million customers" and advised EDF customers to "start looking around for a better deal".

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EDF energy price hike

Unable to absorb the price of gas, EDF is forced to raise their wholesale gas and electricity prices.

EDF Energy will increase gas prices by 22% and electricity by 17%, resulting in customers on the EDF duel fuel tariff to pay at least £3.97 a week for energy. The raise in energy prices is to be blamed on record oil prices and unexpectedly high prices for coal and electricity, according to EDF. Other energy companies are predicted to mimic EDF and increase their energy prices.

Now EDF has announced its tariff changes, other energy companies will follow suit “in very short order”.

It could be just a few weeks before every big gas and electricity company in Britain has hiked prices in line with EDF’s increases -- and it’s unlikely that energy price inflation will stop there.

Insiders all agree that we should expect to see a further round of rises either late this year or in early 2009, possibly taking the total increase in our energy bills to around 50%.

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