British Gas raises electricity price by 12.5%

British Gas raises electricity price by 12.5%

British Gas chief executive, Mark Hodges told Sky news that "wholesale prices during the last 12 months have not gone down" and that "underlying cost pressures" were the cause of the increase.

Worked at BP for 29 years before stepping down from the board in 2014 to become CEO of British Gas owner Centrica.

This means electricity-only customers will be hit with a 12.5% price increase, while the average dual fuel customer will see prices rise by 7.3% (£76), taking the average standard variable tariff to £1,110.

"It's been a very hard decision to make but the costs of providing electricity are rising", said Mark Hodges, chief executive of Centrica Consumer.

Mr Conn hit back saying: "Governments have had to make some very hard decisions about the future of the energy system and the way in which we now pay for that is through the bill".

British Gas' move follows a string of similar announcements earlier this year from EDF Energy, SSE, E.On, nPower and Scottish Power.

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Centrica plc (CNA.L) reported that its statutory profit attributable to shareholders for the first half of 2017 plunged 96 percent to 44 million pounds from 1.15 billion pounds previous year.

The company says it last raised prices in 2013, and that overall transmission costs have risen since then.

A spokeswoman for the Department for Business, Energy and Industrial Strategy said: "Energy firms should treat all their customers fairly and we're concerned this price rise will hit many people already on poor-value tariffs".

It's due to the increase in electricity costs.

If you're one of the 3.1 million people that will be impacted by the price hike you could save hundreds by switching to a cheaper deal.

And mounting utility bills combined with flatlining household incomes and poor building standards on insulation, mean the problem has been growing steadily in the United Kingdom for years.

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Centrica, the owner of British Gas, didn't just announce a price rise today, it also revealed its half year results.

Regulator Ofgem has pledged to deliver a "safeguard tariff" to help Brits pay fairer energy bills.

Shadow energy minister Alan Whitehead, also on the Today Programme, said that the government should have carried through their election promise of imposing a price cap on energy.

He said: "What you've seen off is the energy price cap".

His total remuneration package past year was £1.9 million - although he could end up being paid as much as £4 million.

"We have made further significant strategic progress, continuing to reallocate resources away from our asset businesses towards our customer-facing businesses".

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