UK Money News
30th May 2008
Scottish & Southern Energy warns of further price increases
Scottish & Southern Energy has warned consumers to expect further price rises imminently.
Ian Marchant, chief executive of the energy provider, said that soaring wholesale energy costs mean that higher tariffs are almost inevitable.
Mr Marchant said: "The reality is that the whole industry is facing a significant upward pressure in its input costs.
"If the wholesale price environment stays as it is, we cannot defy gravity."
His comments come after all of the UK's so-called big six energy companies have this year imposed double digit prices increases on gas and electricity - a move that provoked strong criticism from consumer groups.
Scottish & Southern Energy, which provides power for 8.5 million Britons, was the last of the companies to introduce the higher tariffs, which enabled it to gain 700,000 new customers last year.
The company has pledged to invest £1.3 billion in renewable energy and revamping its networks this year.
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