British Gas to increase electricity tariffs for millions of customers

British Gas in shock rates hike with MILLIONS to be hit by huge bills

Homes that have solar panels, wind, hydro and other types of systems set up to produce renewable electricity can get paid money by firms like British Gas to generate and export energy.

And in an official statement a spokesman said: "Wholesale prices are the bigger portion of household bills and coming down".

As you can see, the best dual fuel tariff deal costs £834 a year, £210 less than what British Gas is charging customers on its standard tariff right now and £286 less compared to the cost from 15 September.

Iain Conn, chief executive of British Gas's owners Centrica, blamed the increase on rising costs for electricity transmission and distribution networks, as well as green energy levies.

The Department for Business, Energy and Industrial Strategy (BEIS) has condemned the move, expressing "concern" that the price rise "will hit many people already on poor-value tariffs". Their standard tariff now costs £286 a year more than the cheapest deal on the market.

Details of the increase comes as Centrica revealed its earnings plunged by more than a quarter after it lost 377,000 United Kingdom customer accounts in the first half.

So according to the regulator, costs are well below the level at which British Gas felt it could freeze prices.


Net debt stood at 2.9 billion pounds at the end of June and Conn said the company was keeping the possibility to raise its dividend under review.

The Government's promise of a price cap for all households on standard variable rate tariffs appears to have been watered down in recent months.

"Over the past year and a half I'm afraid it's (the electricity supply business) got into a more significant loss position", Centrica Chief Executive Iain Conn told journalists.

"We held off increasing prices for many months longer than most suppliers in order to protect our customers from rising costs, so it is a hard decision to have to announce an increase in electricity prices". But we have in the end had to respond, like many of our competitors, to the underlying increases we have seen in electricity. "In that time, overall electricity costs have increased by 16%".

Centrica PLC on Tuesday reported steep declines in profit and earnings in the first half of 2017 after results were dragged down by exceptional items and losses from re-measurements, as it also announced it will lift electricity prices within the British Gas unit.

His total remuneration package past year was £1.9 million - although he could end up being paid as much as £4 million.

'It would unfairly hit millions of ordinary families in the pocket while British Gas makes millions in profit and their executives take home millions in pay packages.

Related News:

  • Fair officials take Missouri's tougher carnival ride inspections seriously

    Fair officials take Missouri's tougher carnival ride inspections seriously

    They will continue their ride inspection process, which includes inspecting all rides multiple times prior to and during the fair. But the death of a teenager when a ride failed at the Ohio State fair this week has put a damper on the usual festivities.
    Beginning of good times for women's cricket in India: Mithali

    Beginning of good times for women's cricket in India: Mithali

    Sania said Mithali Raj has been performing amazingly for many years, she is an incredible ambassador for the game of cricket. This was the second time that India made it to the finals of the tournament. "The captain is what the team is".
    Samsung earns record profit on surging semiconductor business

    Samsung earns record profit on surging semiconductor business

    Net profit increased to KRW 11.05 trillion from KRW 5.85 trillion a year ago, as sales rose 20 percent to KRW 61.00 trillion. Samsung's operating profit reached a record level of 14.1 trillion won, up 72.7 per cent.
  • Indian Army Killed Two Hizbul Militants

    Indian Army Killed Two Hizbul Militants

    Speaking to ANI , Commander of 12 Rashtriya Rifles, Harbir Singh, said the militants "used to threat officers and politicians". With militancy, especially home grown, on rise, security forces have launched a massive operation to flush out the terrorists.
    Lawmakers Adjourn 3rd Day of Special Session

    Lawmakers Adjourn 3rd Day of Special Session

    Democrats for almost two months have held off on sending an evidence-based school funding bill to Republican Gov. Day 2 of the current special session produced a new metaphor, but no progress.

    Indian Women's Cricket Team felicitated by the Sports Minister in New Delhi

    An hour later, the women's team will be honored by the Board of Control for Cricket in India ( BCCI ) in a five-star hotel. No one knows what happens in the next four years as the next 50-over World Cup is in 2021.
  • Pakistani President calls National Assembly session for interim PM election

    Pakistani President calls National Assembly session for interim PM election

    The removal of Sharif, who was serving his third term in office, comes roughly a year before his term was to end. The PML-N can not afford to lose its grip on Punjab since the next general elections are barely a year away.
    Scientists edit human embryos for first time in US

    Scientists edit human embryos for first time in US

    The research done at Oregon Health and Science University did not allow the human embryos to develop for more than a few days . However, the work was later reviewed by researchers at another institution and the findings were brought into question .
    Detwiler Fire Now 30 Percent Contained

    Detwiler Fire Now 30 Percent Contained

    Highway 140 coming from Merced through Mariposa is shut down because of the wildfire, but Highways 41 and 120 remain open. But that has increased the challenge for crews battling flames feeding on dense vegetation.
  • E-cigarettes linked to helping people quit smoking

    E-cigarettes linked to helping people quit smoking

    E-cigs possess the potential to reduce a deadly habit that is responsible for more than 480,000 deaths per year in the U.S. Here, "cessation rate" was how many people, who were smokers 12 months before the survey, quit for at least three months.
    North Korea's Nuclear Program Is Progressing Faster Than We Thought

    North Korea's Nuclear Program Is Progressing Faster Than We Thought

    The intelligence agency has assessed that North Korea has accelerated its intercontinental range ballistic missile program. U.S. gave China a draft resolution weeks ago to impose greater sanctions on North Korea for its July 4 missile launch.
    Frank Sinatra's Widow, Barbara, Dies At 90

    Frank Sinatra's Widow, Barbara, Dies At 90

    Barbara married Frank in 1976 and remained his wife for almost 22 years - the longest of his 4 marriages. Frank Sinatra and Barbara Sinatra pose with at Caesars Palace in Las Vegas on May 23, 1976.


Most liked

Eurozone economy gains steam with lowest unemployment in decade
However, Greek unemployment still remains at 21.7 per cent while in Spain it remains at 17.1 per cent. More significant may prove to be average wage growth, however.

Lavrov says Moscow had to react to United States sanctions
Speaking at a news conference in Finland on Thursday, Russian President Vladimir Putin derided the sanctions bill now in the U.S. It also said it was barring the U.S. embassy from using a Moscow summer house and storage facility in the city from Aug 1.

MLCs quit in Uttar Pradesh: 2 from SP, 1 BSP
BSP supremo Mayawati lashed out against the BJP and said that the latter could go to any extent for power. The Rashtriya Shia Samaj founder further said that some people may resign from the SP soon.

One dead, several injured in machete attack in Germany
The supermarket where the attack took place is located in Barmbek, a northeast neighborhood in the northern port city of Hamburg. A statement Friday does not identify the man further and says police are still working to establish what nationality he has.

Drinking alcohol four times a week reduces risk of diabetes, study says
They said wine had the most substantial effect-probably because it contains chemical compounds that improve blood sugar balance. The lowest risk of diabetes was observed at 14 drinks per week in men and nine drinks per week in women.

Venezuela's oppn stages two-day anti-Maduro shutdown
Many streets around Venezuela remained barricaded and deserted during the second day of an opposition-led shutdown. Their goal: For Maduro to abandon his plans for a new constitution, opposition leaders said at a news conference.

Bradley Byrne: Congress will keep doing its job despite White House turmoil
Priebus has previously sought to downplay suggestions that he was at odds with Scaramucci. He later deleted the tweet, apparently after being informed that the form was not leaked.

Despacito singers veto Venezuelan leader's campaign remix
The Malaysian government has a problem with the most-streamed song of all-time and will no longer play it on the radio. The new lyrics go on like this: "Our call to the "Constituent Assembly" only seeks to unite the country".

The Last Killer Whale Born In Captivity At SeaWorld Has Died
The last killer whale born in captivity under SeaWorld's former orca-breeding program has died at the company's San Antonio park. The water park said during the few months of Kyara's life, she touched everyone that came in contact with her.

MPs Kodikunnil Suresh, MK Raghavan suspended for 5 sittings by Speaker
The Lok Sabha got off to a stormy start in the morning with leader of the Congress' Legislative Party M. Mallikarjun Kharge demanding a discussion on widespread incidents of mob violence and murder.

The Sims 4 is Coming to Xbox One This November
However, it is still unavailable for pre-order, which created speculations that the release has been put off until a later date. The console features a 2.3GHz 8-core custom AMD CPU which will generate crisper more detailed gaming environments.

Parents accused of giving newborn baby narcotics
He then slammed into the exit doors as they closed, dropping his daughter , who was in a auto seat at the time, police said. He grabbed the vehicle seat and made a run for it again, but once again, dropped the baby when he ran into a pillar.

Hot and humid start to the weekend with more rain chances ahead
LATE NEXT WEEK: Rain chances begin to decrease Wednesday through Friday , but temperatures will once again climb into the mid 90s. TUESDAY: Partly cloudy skies and spotty rain will be possible, with a high temperature of 86 degrees.

Aircraft carrier will scare enemies
Terry McAuliffe of Virginia and Rick Snyder of MI , who were packed into the steamy hangar bay on the main deck. CVN 78 is named after the 38th President of the USA and pays homage to his lifetime of service in the navy.

Ben Affleck Addresses Rumors He's Leaving Batman Role
So for now The Batman is on track to keep moving forward and Ben Affleck will suit up as The Dark Knight yet again. The actor listed off DC and WB execs who told him they want him to be their Batman and said, "I believe them".