UK Money News
19th June 2008
Energy bills could rise by 40%, warns expert
Consumers are facing a 40 per cent increase to their gas and electricity bills by the end of 2008, it has been predicted.
John Hall, who acts in an advisory capacity for some of the UK's largest energy companies, forecast that prices will rise by this extent as a result of soaring wholesale energy costs, with oil recently hitting a record price of $139 per barrel.
He said: "Unless there is a dramatic fall in oil prices, that is the scale of increase we are talking about to ensure that energy companies keep their margins."
The increase would see the fuel bill of the average household climb to £1,467 per year - almost double the price of £735 families were paying in 2006.
According to research conducted by Platts, the wholesale price of gas has risen by 74 per cent since the start of the year.
In turn, British Gas has raised the rate on its Market Tracker tariff, which tracks the cost of wholesale energy costs.
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