Comment on Centrica’s profit announcement

Comment on Centrica’s profit announcement

Commenting on Centrica’s profit announcement, Scott Byrom, utilities manager at the UK’s leading price comparison site, moneysupermarket.com, said: “The rise in wholesale gas prices last year has left a dent in British Gas’ profits as it reports losses of 34 per cent and profits of £379m for 2008.
“Bill payers across the spectrum saw energy prices shoot up last year, by 47 per cent for gas and 28 per cent for electricity. Kudos to British Gas for being the first to drop its gas prices by 10 per cent earlier this month and passing on annual savings of £83* to its gas customers. But, as far as bill payers are concerned, a 10 per cent drop does little to compensate for the record price increases of 2008.

“British Gas sits at the top of the class with it’s market leading Web Saver 2 deal - the average online bill now stands at £1054 per year (see table below), just over 15 per cent cheaper than the average ’standard’ tariff from British Gas for those paying by quarterly cash or cheque - an appealing £190 difference. Those who have never changed their energy tariff before, or are on a standard deal and wish to save some money, should consider shopping around for a better deal now.”

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