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Energy firms expected to increase prices by 8% Energy firms expected to increase prices by 8%
(3 days later)
Record average fuel bills of £1,500 a year were predicted for 2014 on Friday as British Gas and other big six power companies prepared to announced big price increases of around 8%.Record average fuel bills of £1,500 a year were predicted for 2014 on Friday as British Gas and other big six power companies prepared to announced big price increases of around 8%.
British Gas, which has 11 million gas and electricity customers, warned this summer that prices might have to rise again this year. The company increased its prices by 6% last November and its most recent half-year profits rose 3% to £356m. Its parent company Centrica recorded a 14% increase in operating profits to £2.74bn. A price announcement could come next week.British Gas, which has 11 million gas and electricity customers, warned this summer that prices might have to rise again this year. The company increased its prices by 6% last November and its most recent half-year profits rose 3% to £356m. Its parent company Centrica recorded a 14% increase in operating profits to £2.74bn. A price announcement could come next week.
On Friday the company said it "never commented" on price rise speculation but sources said British Gas might choose to wait until the end of the political conference season, which closes on 2 October, before announcing an extra 8%.On Friday the company said it "never commented" on price rise speculation but sources said British Gas might choose to wait until the end of the political conference season, which closes on 2 October, before announcing an extra 8%.
Peter Atherton, an analyst with Liberum Capital in the City, said an 8% rise was "about the right level" given the increased cost of environmental levies and transmission charges.Peter Atherton, an analyst with Liberum Capital in the City, said an 8% rise was "about the right level" given the increased cost of environmental levies and transmission charges.
Consumer organisations said they were "horrified" that a much-criticised energy sector still raking in huge profits was already trying to blame environmental taxes for what would be an unjustified rise.Consumer organisations said they were "horrified" that a much-criticised energy sector still raking in huge profits was already trying to blame environmental taxes for what would be an unjustified rise.
Mark Todd, who runs the Energyhelpline switching service, said a price announcement would come "any day now" with companies only held back by a reluctance to be first, fearing reputational damage and a loss of customers.Mark Todd, who runs the Energyhelpline switching service, said a price announcement would come "any day now" with companies only held back by a reluctance to be first, fearing reputational damage and a loss of customers.
He said: "With bills [following rises] expected to soar to a record high of over £1,500 a year, up £80 from the current average of £1,420, cash-strapped households need to prepare to fight back. The best way to do this is by switching to a fixed tariff."He said: "With bills [following rises] expected to soar to a record high of over £1,500 a year, up £80 from the current average of £1,420, cash-strapped households need to prepare to fight back. The best way to do this is by switching to a fixed tariff."
Ann Robinson, director for consumer policy at rival uSwitch, said there was absolutely no justification for any rises after a summer when big corporate profits had been declared.Ann Robinson, director for consumer policy at rival uSwitch, said there was absolutely no justification for any rises after a summer when big corporate profits had been declared.
"I am horrified by this. I have not been convinced by the comments over the last few months by the energy companies that eco [environmental] costs are higher than expected," Robinson said."I am horrified by this. I have not been convinced by the comments over the last few months by the energy companies that eco [environmental] costs are higher than expected," Robinson said.
"I would like the see the chapter and verse showing exactly why anyone thinks they can justify rises which will scare people to death.""I would like the see the chapter and verse showing exactly why anyone thinks they can justify rises which will scare people to death."
Caroline Flint, Labour's shadow energy and climate change secretary, also weighed in to the growing row blaming David Cameron for not being tough enough with the big six providers.Caroline Flint, Labour's shadow energy and climate change secretary, also weighed in to the growing row blaming David Cameron for not being tough enough with the big six providers.
"Soaring energy bills are causing a cost of living crisis. Hard-pressed consumers will not understand how the energy giants can get away with more inflation-busting price rises when they are already making huge profits.""Soaring energy bills are causing a cost of living crisis. Hard-pressed consumers will not understand how the energy giants can get away with more inflation-busting price rises when they are already making huge profits."
Flint added: "This is yet more evidence that David Cameron's failure to stand up to the big energy companies is leaving the public massively out of pocket. When times are tough energy companies should be helping their customers, not clobbering them with even more price rises to boost their profits."Flint added: "This is yet more evidence that David Cameron's failure to stand up to the big energy companies is leaving the public massively out of pocket. When times are tough energy companies should be helping their customers, not clobbering them with even more price rises to boost their profits."
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