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Thursday, July 26, 2012

Customers lose out again as British Gas profits rise

Today's Western Mail reports that the owner of British Gas has increased profits at its residential arm by 23%. Centrica say that profits at British Gas Residential, which has 15.8 million energy accounts in the UK, lifted to £345 million in the six months to June 30 after volumes were boosted by the cool start to the summer.

The paper adds that the UK’s biggest energy supplier also benefited from higher prices because, while it dropped its standard electricity prices by 5% in January, this did not cancel out a 16% rise in August, when gas bills also went up by 18%.

Like Consumer Focus I have been saying for some time that utility companies are quick to pass on rising wholesale costs to consumers but slow to drop prices when they fall. It is little wonder that profits rise whilst fuel poverty continues to grow.
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