British Gas to hike electricity prices by 12.5% from September

British Gas to hike energy prices by whopping 12.5

The owner of British Gas has taken a financial beating within its legacy energy divisions leading to a profit crash of nearing one billion pounds, as it nears the end of a major strategy shift.

Confirmation of the decision comes after a blunder on Monday saw the group mistakenly publish an incomplete statement about increasing electricity tariffs on its website.

He said: "This is British Gas' catch-up price hike".

"We're actually proposing that the Government are even bolder and instead of capping standard variable tariff, they should reform it so that it's removed altogether so that contracts that don't have any end are actually phased out and that the level playing field is created so that all suppliers pay the Government's costs", Mr Conn said. As these costs increase, large firms argue, that creates a market distortion. "British Gas increase will cripple me". Customers using a pre-payment meter will also not be affected.

It was titled "Why we've had to raise electricity prices - our first increase since November 2013.' However, the body of the text read only 'blah blah", suggesting the upload was an error.

"It is transmission and distribution of electricity to the home and government policy costs that are driving our price increase", said Centrica chief executive Iain Conn on BBC's Today Programme.

Have other energy companies raised prices recently?

British Gas is the last of the "big six" energy firms to increase prices.

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The cost of smart metering presents more of a problem because Ofgem excludes that from its costs to suppliers.

Centrica also cited the regulator Ofgem's latest supplier cost index, which showed that from May 2016 to May 2017, costs of providing dual fuel for energy suppliers had risen by 15%.

Anti-poverty campaigners have long warned that high energy prices force the poorest to choose between essentials, sometimes resulting in ill-health or death.

The British Gas owner updated investors on its half-year performance in a separate statement, announcing that its adjusted earnings had dropped 11 percent to £449 million in the first half of the year.

We are calling for a long overdue United Kingdom wide response to stop tragic winter deaths; we want a joint ministerial summit on health and fuel poverty with representatives from across the devolved governments.

He added: 'A British Gas price rise is completely unjustifiable. There must be no British Gas price rise. And if you're on the fence about whether to find a new provider after the British Gas news, his advice is unequivocal.

'If the Government acted to bring in the price cap it promised this behaviour would stop'.

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