UK Money News
25th June 2008
Energy chiefs confirm impending price hikes
Executives of some of the UK's largest energy suppliers have fuelled speculation that gas and electricity tariffs could be set to rise by 40 per cent over the next 12 months.
Warnings that price rises are on the way were issued by senior executives from the big six suppliers at a meeting of the Business and Enterprise Select Committee, which is currently investigating the UK energy sector.
Although they did not confirm the scale of the hikes, both Stuart Laidlaw, chief executive of British Gas' parent company Centrica, and Ian Marchant, chief executive at Scottish & Southern, said that rises would be introduced if wholesale energy prices do not come down in the coming months.
Mr Laidlaw said: "It is clear that... at some point in the future gas prices are going to have to move up."
Under current pricing plans, the companies claim they are making a loss by paying £1 per therm for gas and then charging customers just 60p per therm.
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