Centrica share price rises as group unveils tariff hike at British Gas

British Gas in shock rates hike with MILLIONS to be hit by huge bills

British Gas in shock rates hike with MILLIONS to be hit by huge bills

"We held off increasing prices for many months longer than most suppliers in order to protect our customers from rising costs, so it is a hard decision to have to announce an increase in electricity prices", Mark Hodges, chief executive of Centrica's consumer business, commented in the statement, adding that the rise reflected an underlying increase in policy and transmission costs.

Even though it plans to close it, Centrica wants to produce all recoverable gas from the Rough field, which is estimated at 183 bcf, a process which would take years.

Energy giant Centrica, which owns British Gas, said the average annual dual fuel bill for a typical household on a standard tariff will rise by £76 to £1,120 - an increase of 7.3%. And that means, if, (as is possible) we see another batch of rises this coming winter, its customers will feel like they been price-slapped twice in rapid succession.

"It is transmission and distribution of electricity to the home and government policy costs that are driving our price increase", said Centrica chief executive Iain Conn on BBC's Today Programme.

If you're a British Gas customer and facing more expensive bills from mid-September, we recommend that you compare other energy suppliers by using our simple online comparison and switching tool.

"It is positive that British Gas has chosen to credit 200,000 of its most vulnerable customers with £76 to offset its price rise this winter - but this underlines the need for a long-term solution to protect loyal customers of all firms".

He said: "We haven't taken this decision lightly".

The Government responded by renewing its pre-election threat to impose a cap on standard tariffs following the conclusion of a continuing investigation of the charges led by the industry regulator, Ofgem.

Shahid Abbasi is interim Pakistan Prime Minister
He was sworn in as the chief minister of Punjab on February 20, 1997, after being elected to the Assembly for the third time. Sharif contends that he never withdrew that salary, and was therefore not liable to declare it.

Around 5.3 million people are either on fixed deals or only buy gas from the firm, says The Times.

It was quickly removed from the website and British Gas subsequently refused to comment, beyond saying it does not speculate about future electricity pricing.

Mark Hodges, chief executive of Centrica Consumer - the parent company of British Gas - says: "We held off increasing prices for many months longer than most suppliers in order to protect our customers from rising costs, so it is a hard decision to have to announce an increase in electricity prices".

But the move flies in the face of the Government, which made a pre-election pledge to introduce a price cap, although that has since been watered down to cover vulnerable households only.

He said that over that period, overall electricity costs have increased by 16 per cent.

"At the very least the Conservatives should institute the energy price cap which Theresa May promised during the campaign".

Martin Lewis, the founder of MoneySavingExpert, warned that the significant price hike might usher in a new round of utility price rises across the board, which will spell disaster for those already struggling to pay the bills.

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