Millions of householders are going to be reeling from yet another increase in energy bills today, following British Gas stating that it would put up prices by 12.4%.
British Gas owner Centrica stated that its 11m gas customers would be affected by the 12.4% increase on September 4, with its 5.8m electricity customers facing a rise in their electricity bills of 9.4%.
The company blamed the rising cost of wholesale gas that it buys to supply its customers. Last year was the worst year for British Gas, making record losses of £143m in the first six months.
Centrica's overall pre-tax profits fell last year from £894m to £569m in the six months prior to June 30.
Therefore Centrica claims it has no alternative but to hike up gas and electricity prices .
Wholesale gas this winter is an astonishing 266% more expensive than the winter of 2002 through to 2003.
