British Gas announce 12.5pc price hike

     ELECTRICITY British Gas has said it will hit customers with a sharp rise in electric bills

"The 12.5% electricity price rise this September reflects the increasing costs of energy policy, and delivery to customers' homes since 2014".

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.

It has said gas prices will remain at their current level, but the average annual dual fuel bill for a typical household on standard tariff will rise by £76 to £1120 - an increase of 7.3 per cent.

Pre-payment meter customers are not affected by the price hike.

Centrica's price increase also comes despite steep losses in customer accounts as many switch to rivals and new market entrants who often offer cheaper tariffs.

"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 don't know your energy consumption details then don't worry, the comparison sites will allow you to answer a few questions about your lifestyle to provide you with a personal estimate.

The FTSE 100-listed company justified the decision by saying it was the first time it had hiked prices since 2013 and British Gas was one of the last suppliers to make tariffs more expensive.

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Details of the change in tariff came as Centrica revealed British Gas lost 377,000 United Kingdom customer accounts in the first half of 2017.

The Department for Business, Energy and Industrial Strategy (BEIS) has condemned the move, expressing "concern" that the price rise "will hit many people already on poor-value tariffs".

The company owned by energy giant Centrica said the price rise was its first for four years and that it would give a £76 credit to more than 200,000 vulnerable customers to protect them from the increase.

It turns out that all of that increase in costs has come from increases in wholesale energy costs over the year.

The Conservative manifesto pledged a wide-ranging cap to protect 17 million customers from excessive rises, saving people an estimated £100 a year. As these costs increase, large firms argue, that creates a market distortion.

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

Yes. Despite political pressure and the threat of a cap on energy prices, companies including EDF, E.On, Scottish Power and nPower have all raised prices this year.

"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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