British Gas prices raised

mattBusiness Electricity, Business Gas, Wholesale Utilities Markets

British Gas are the first of the big six suppliers to follow Scottish Power in raising their domestic prices.

British Gas

British Gas announced on Friday it is to raise its domestic gas and electricity prices from 18 August.

Gas bills will have an average rise of 18% whilst electricity will rise by around 16%.

The Centrica-owned company has, somewhat predictably blamed wholesale costs as the reason for the price rises.

British Gas managing director Phil Bentley said “We are buying in a global energy market and have to pay the market rate”.

“Rising wholesale costs is an issue facing all energy suppliers,” he added.

British Energy Secretary Chris Huhne has condemned the price hikes, claiming that customers are paying for the country’s “fossil fuel addiction”.

“Alternatives like renewables and nuclear power must be allowed to become the dominant component of our energy mix,” Huhne said.