UK Money News
18th July 2008
British Gas: Gas prices could rise 70%
Gas prices could rise by as much as 70 per cent in the foreseeable future, the UK's largest energy company has predicted.
A report from Centrica, which owns British Gas, has warned that prices are set to rise in line with soaring wholesale energy prices, which are being driven by sky-high by soaring demand from emerging economies.
Jake Ulrich, managing director of Centrica Energy, said the hikes have the potential to increase the number of Britons living in fuel poverty - a condition defined as when a household spends ten per cent or more of their income on energy bills.
He told Channel 4 News: "I do think we will see people change their behaviour. I think people will use less energy and I hate to go back to the Jimmy Carter days in the US but maybe it's two jumpers instead of one."
He added: "I think people will change the temperature they keep the house, they'll be more cognisant of energy waste, they'll buy better appliances."
Consumers have already been hit with higher gas and electricity bills this year, with tariffs for all of the UK's big six suppliers rising by an average of 15 per cent.
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