Sunday, July 31, 2011

British Gas shareholders receive bonus while customers suffer

The Daily Telegraph reports:

Centrica, which owns Britain’s biggest gas and electricity company, announced profits of £1.3 billion for the past six months, including £270 million for British Gas.

The company is going ahead with a 12 per cent rise in payouts to shareholders, despite the price rise for its energy customers.

Centrica said that the rise, which comes into force in the middle of next month, was vital for the company to make a profit in the second half of the year.

Nine million residential customers are preparing for an 18 per cent rise in gas prices and a 16 per cent rise in electricity prices.

The rise will add about £190 to the cost of customers’ average annual bills, which will now be £1,286.

More on this story here.

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