Significant increases in gas and electricity prices are “very likely” in the coming period, energy minister Malcolm Wicks said. Mr Wicks put the blame for domestic energy price hikes on massive increases in the cost of oil, gas and coal on global markets. His comments came after reports that unnamed industry sources believe household energy bills could increase by as much as 40% this winter. Mr Wicks did not confirm the reported rises, which it is claimed could add £400 to a family’s bills. Asked if he recognised the figure, he said in an interview: “There are estimates and guesstimates and guesses. Let’s see what happens.” He added: “Yes, I’m worried about the scale of it. I can’t give you a figure because actually, with respect to all the experts, no-one knows. “Clearly, given the price of a barrel of oil and also the rising wholesale cost of coal and gas, it is very, very likely that we are going to see significant increases in the future. “This is a global issue. It’s affecting not just Britain but all countries and we have got to tackle it on a number of fronts.” Mr Wicks rejected claims that the UK was facing particular difficulties with energy bills. “Our prices for electricity are still lower than in many parts of Europe,” he said. “Over the last 12 years we have had lower costs compared with Europe, so the idea that there is something peculiar about Britain, frankly, is good polemic, but it is not evidence-based.”

Related posts...

• June 22, 2010 -- UK Business Energy Prices: (3)
  A new survey carried out by the Economist Intelligence Unit has revealed that over 80% of British firms expect energy and fuel prices to rise sharply and almost 50% have great concern that the UK coul...
• February 21, 2010 -- Identifying a Half Hour Meter: (0)
  How to find out if you have a half hourly meter – So how do you know if you have a half hour meter?  It’s actually quite straight forward, and all you will need to find this out is a recent copy o...
• February 10, 2010 -- UK Business Gas Prices: (0)
  Business Gas Prices can be difficult to understand, as there are many different types of pricing structures available.  You could simply ring around and obtain gas prices direct from suppliers, but it...
• February 7, 2010 -- Oil Prices Back To $70 Range: (0)
  Oil prices plunged in a busy trading session on Friday, triggering big losses across the commodities markets, as investors went back to buying into the US dollar.  Crude oil prices did have a partial ...
• February 5, 2010 -- CRC Business Lights: (1)
  The era of the 'on-all-night' illuminated high street could end, the Environment Agency is predicting. The agency says new rules will force businesses to switch off lights and displays at night to mee...
• February 3, 2010 -- Bglobal Smart Meter Deal: (3)
  Bglobal Plc said it has signed a new agreement to supply and install smart meters for British Gas Business during 2010. The contract value is anticipated at more than £12 million. In addition, the com...

RSS feed for comments on this post. TrackBack URI

You must be logged in to post a comment.