At the end of July, British Gas announced profits of £345,000,000. This takes their total profit to over £3 billion for the past 5 years.
Now, less than 3 months later, they have announced further rises in the price of electricity and gas. This is definatly an unwelcome change especially as gas went up by 18% and electricity by 16% in August last year. There was hope in January this year when they fell by 5% but by mid-November this year the will rise by about 6%.
Boss of British Gas Phil Bentley said the rises were down to North Sea reserves running out, spiralling costs for the company and inflation. However, British Gas profits rose by a staggering 23% this year, this was after the fall in prices and before the hike announced today. Surly to keep themselves competitive, British Gas should see sense to absorb the rises and not pass them onto the customer.
I had a quick search of the internet this morning just after the rises were announced and immediately found several comparison websites such as Uswitch, Moneysupermarket and Confused where you are able to enter your details and requirements which brings up a list of the cheapest and best energy plans available to you.
In light of today’s announcement, I think British Gas will lose themselves a lot of custom from consumers who are switched on to the competitive energy market.
Below are links to the energy comparison websites to see if you can beat the rise this winter.