The UK’s energy bills are set to skyrocket. This is in spite of the cost of gas to suppliers falling.
Early warnings of higher gas and electricity prices were sounded by Centrica on Thursday as the British Gas parent faced demands for further tariff cuts after announcing a big jump in profits in its retail business.
My own concern is that now there are reports that the UK economy may never have actually have come out of recession as had been previously believed. If consumers now face mounting energy bills. it means that the economy may never recover if people are using their money just to pay for energy.
The mismatch between the fall in wholesale and retail prices saw British Gas operating profits jump 58pc to a record £595m last year, comfortably beating analysts’ forecasts.
Is that good business?
……the huge investment needed to ensure security of supply and meet environmental targets meant the group was in a “very different commodity price environment.”
I think we get the message. The cost of financing the great Carbon Trading bandwagon is going to be paid for by the rise in consumer energy bills.
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