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    British Gas profits climb by 80% in six months.

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    papa_umau
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    British Gas profits climb by 80% in six months.

    Post by papa_umau on Fri 31 Jul 2009, 12:43 pm

    As wholesale energy prices have dropped month on month it would be reasonable to expect that after the massive 42% rise in energy prices in the previous eighteen months that the profiteering gas and electricity companies could have cut the prices to their customers by much more than they have.

    Read this and if you are not annoyed by it then I will be surprised:

    Consumer groups demand price cuts as British Gas rakes in 20 a second

    By Donna Watson of The Online Scottish Daily Record

    GAS bosses faced furious demands for price cuts last night after revealing an 80 per cent rise in profits.

    British Gas, who trade as Scottish Gas north of the Border, made 299 million - 20 a second - in the first half of this year.

    It was up from 166 million a year ago.

    Consumer Focus energy expert Robert Hammond said last night: "Wholesale energy prices have come down and remain low, so we believe energy firms across the board should be making significant further price cuts."

    British Gas cut prices for their 15.5million customers by 10 per cent in May. This was followed by cuts of around five per cent by most of their rivals.

    Mark Todd, of Energyhelpline, said: "The British public are losing faith that decent energy price cuts will ever come. The only way to rebuild trust is by giving consumers the price cuts they deserve.

    "Even after giving the biggest price cuts British Gas have almost doubled their profits. This shows that bigger price cuts are surely affordable for the rest of the big suppliers."

    Todd added: "The paltry five per cent given out so far versus 42 per cent price increases in 2008 continues to be a huge burden on consumers."

    British Gas boss Phil Bentley admitted wholesale prices had fallen recently but he stopped short of pledging this would mean lower bills.

    He said while wholesale gas prices had risen 24 per cent in the past two years, bills were up just 11 per cent.

    Bentley added: "We will do what we can when we can. Wholesale prices make up roughly half the bill but we're having to balance other costs."

    He said British Gas were hiring thousands more engineers to help cut consumption by installing smart meters and modern boilers and investing billions in new power stations.




    Well, do you believe him, as I certainly don't ?


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    Angie baby
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    Re: British Gas profits climb by 80% in six months.

    Post by Angie baby on Sat 01 Aug 2009, 11:38 am

    You sound surprised by this Paps !

    I am not surprised as that sounds typical of how these entities are able to rip-off the public without the watchdogs doing a damned thing to stop them.
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    papa_umau
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    Re: British Gas profits climb by 80% in six months.

    Post by papa_umau on Sun 02 Aug 2009, 11:36 am

    I have waxed lyrical about this point in many a place on and offline and I will never understand why there should be wage restraints but not price restraints.

    They say that wage-rises push prices up but I have always suggested that the exact opposite is the case.


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    Angie baby
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    Re: British Gas profits climb by 80% in six months.

    Post by Angie baby on Sat 08 Aug 2009, 12:07 pm

    Prices are supposed to follow market forces and as long as the people who set the prices do not get their heads together to artificially hold up prices then it is up to us to vote with our purses and our feet.

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