British Gas to increase electricity tariffs for millions of customers

The price hike will mean an average dual fuel bill for a typical annual household tariff will rise by £76 to £1,120 – a 7.3% increase, according to British Gas.With utility price rises across the board now looking more likely, we crucially need to review the key priorities across the United Kingdom before the coming winter – when 4 million households in the United Kingdom will face the brunt of fuel poverty.It said profits were down thanks to reduced energy demand brought about by the warm weather and increased competition, but Iain Conn Centrica’s Group Chief Executive said the firm was still on track to achieve its 2017 targets.Customers have not responded well, saying they will switch energy providers.It’s half year results also revealed a loss of more than 377,000 United Kingdom customer accounts in the first half of 2017.”When the reporters challenged British Gas’ decision to increase electricity costs, Hodges said competition in the gas market is good” and that their customers “have a choice” to select alternative suppliers. “British Gas increase will cripple me”.Yes. Despite political pressure and the threat of a cap on energy prices, companies including EDF, E.On, Scottish Power and nPower have all raised prices this year.The British Gas owner updated investors on its half-year performance in a separate statement, announcing that its adjusted earnings had dropped 11 percent to £449 million in the first half of the year.And mounting utility bills combined with flatlining household incomes and poor building standards on insulation, mean the problem has been growing steadily in the United Kingdom for years.Former Lib Dem leader Tim Farron said: “This is a colossal increase that will really hurt customers already struggling with rising prices due to the deteriorating economic situation”.Will Hodson, co-founder of consumer collective The Big Deal, said it was the “ultimate slap in the face for families” and “unjustifiable”.Mr Conn replied: “Well certainly 3.1 million of our eight million customers will be affected”.”At the very least the Conservatives should institute the energy price cap which Theresa May promised during the campaign”.After the election the plan did not appear in the Queen’s Speech and ministers said they were “considering the best way” to protect people on poor-value tariffs.”It was the only one of the big 6 firms not to raise prices at the start of the year, and now, as predicted, it’ll do it from September”.”We have made further significant strategic progress, continuing to reallocate resources away from our asset businesses towards our customer-facing businesses”.