Industry analysts are predicting the next raft of price hikes will take effect at the end of this month.
Rumoured energy price increases will be kicked off by British Gas (www.britishgas.co.uk) in two weeks time according to industry insiders.
The price hikes, anticipated to be in the region of 15%, will be prompted by soaring wholesale energy prices, with gas prices having trebled over the past 12 months. The cost of gas is intrinsically linked to the price of crude oil, which leapt to a new record of nearly $146.69 a barrel yesterday.
Adding to the pressure on Britain's energy suppliers, wholesale coal prices were also driven to record levels last week.
Centrica, the owner of British Gas, finds itself especially stretched due to its reliance on paying premium prices for gas on the open market. Historically, Centrica has suffered from a shortage of its own gas and power supplies, and as result has to buy expensively from abroad.
BY Dan Drage
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1 comment:
Wow, this guy Drage really knows his stuff.
Thanks for the coverage, really appreciate it!
Keep up the good work and click on the supplied link for more of the same.
Best,
Dan Drage - Editor, Consumer Choices
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