Yes, it is finally here. The expected news from the biggest UK supplier of energy British Gas announcing a rise in gas prices by 35% and electricity by 9% has just come up.
The announcement from British Gas came today on 30th July, exactly five days after EDF officially put up its gas prices by 22 %. It is claimed by British Gas that average wholesale prices have gone up too much and the rise is now to be introduced to customers with an immediate effect. This takes away extra £268.80 a year from an average dual fuel customer’s bill. It is just 72p a day! Well, the true is that the average dual fuel price will go up by 25% according to British Gas.
Nevertheless, British Gas also stated that its profit went down by 69% in the first half of this year and thus the rises have to be introduced.
Unfortunately, the UK’s gas reserves are diminishing, the UK is now importing 40% of gas, compared to the last year when the figure stood at 27%. Given the political situation and the role of Russia and Ukraine in supplying gas into the rest of Europe, it is not looking good…
