Energy \'volcano to erupt\' with 10 per cent price hikes

Energy 'volcano to erupt' with 10 per cent price hikes | Quelle: www.telegraph.co.uk
2013-08-09
2013-08-09

Energyhelpline said the "volcano is about to erupt", claiming Britain\'s "Big Six" were all poised to up bills within the coming months.

Scottish & Southern Energy sparked a series of price hikes last year by announcing a rise on August 22.

Energyhelpline spokesman Mark Todd said: "There are clear indications that energy price rises are close.

"I would not be surprised if they are announced within the next two months. In fact you could describe the energy market as a volcano about to erupt. The lava may soon descend on consumers across the country, wiping out their household budgets."

A rise of 5-10 per cent would add between £70 to £140- onto the average dual-fuel bill across the country, and trigger another fierce political row.

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Labour yesterday claimed total profits at the Big Six energy companies had soared 73 per cent to £3.7 billion in just three years, while bills have gone up by £300 to an average of £1,420. Labour energy spokesman Caroline Flint said the PM was "totally out of touch" with the millions struggling to pay bills.

Tories counter that Ed Miliband introduced the range of "green levies" now forcing up household bills when the Labour leader was energy secretary.

The Big Six energy companies have hinted that bills are only going to increase as they are forced to pass on yet more climate change costs.

Npower chief Paul Massara told the Daily Telegraph earlier this week that there was growing pressure on companies, and he would not be surprised to see higher prices passed onto consumers. Npower separately this week raised the standing charge for 2.2 million electricity companies by 11 per cent.

Energyhelpline, a price comparison website, said the energy companies were introducing a number of fixed-price and discounted energy tariffs which were typically a sign that price rises are around the corner.

In May, former SSE chief Ian Marchant pre-empted the likely wave of criticism about higher bills, by insisting that politicians\' attacks on the energy sector were threatening investment in the country. He said: "We could sell off our netwrosk and generation business and reduce the amount of criticism we get.

"Is that really what the UK wants, that infrastructure is owned by private equity from strange places around the world who you never comment on because you never know? Politicians have got to be very careful in criticising quoted UK stocks who invest in the UK."

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