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12/05/2008
Centrica To Hike Gas Prices Again
Centrica, the owner of British Gas, has warned households of a potential further 30% rise in gas bills by next winter.
The company said its Group operating profit for the first half of the year will be materially lower than the first half of 2007. This is due primarily to the lower profitability in British Gas Residential, which experienced exceptional conditions in the early part of last year.
Centrica said: "Looking to the full year, forward wholesale gas and power prices in the UK remain stubbornly high. The wholesale gas price for the second half of this year is double that experienced during the second half of 2007 and for the fourth quarter of this year it is over 80 pence per therm, compared to 44 pence for the same period last year. At current forward wholesale gas prices operating profit in the upstream gas production business will be very strong, although this will be partially offset by the additional losses in the industrial and commercial gas sales contracts."
The firm also said the number of new customers had fallen since it increased its prices in January.
(CD/JM)
The company said its Group operating profit for the first half of the year will be materially lower than the first half of 2007. This is due primarily to the lower profitability in British Gas Residential, which experienced exceptional conditions in the early part of last year.
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Centrica said: "Looking to the full year, forward wholesale gas and power prices in the UK remain stubbornly high. The wholesale gas price for the second half of this year is double that experienced during the second half of 2007 and for the fourth quarter of this year it is over 80 pence per therm, compared to 44 pence for the same period last year. At current forward wholesale gas prices operating profit in the upstream gas production business will be very strong, although this will be partially offset by the additional losses in the industrial and commercial gas sales contracts."
The firm also said the number of new customers had fallen since it increased its prices in January.
(CD/JM)
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