Utility giant British Gas has announced a fresh round of price hikes, which will see the average dual fuel bill increase by 25%. The hikes, which will see gas prices rise by 35% and electricity by 9%, were announced today (July 30).
The company blames the move on soaring wholesale energy prices, increasing transportation and distribution costs, and the cost of meeting Government renewables targets.
British Gas managing director, Phil Bentley, says: “We have entered an era of unprecedented high world energy prices. The only answer to cope with higher energy prices, I’m afraid, is for all of us to be more energy efficient.”
It adds that it will be contacting all its customers “to show how they can save energy to try and offset these price rises”.
The majority of utilities companies previously raised their prices in February this year. British Gas is the second utility to increase its prices this month – last week, EDF Energy raised gas prices by 22% and its electricity by 22%.