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British Gas raises prices by 15% British Gas raises prices by 15%
(10 minutes later)
British Gas, the UK's biggest power provider, is to raise the amount it charges for gas and electricity by 15%.British Gas, the UK's biggest power provider, is to raise the amount it charges for gas and electricity by 15%.
The announcement followed increases from Npower, which raised electricity prices by 12.7% and gas by 17.2% earlier this month. The announcement followed increases from rival Npower, which raised its electricity prices by 12.7% and gas by 17.2% earlier this month.
EDF Energy put up its electricity prices by 7.9% and gas prices by 12.9% this week. EDF Energy also put up its electricity tariffs by 7.9% and gas bills by 12.9% this week.
Power companies have been blaming rising wholesale prices, distribution costs and environmental obligations. British Gas said that rising wholesale prices meant that without this price hike it would make a loss this year.
"In the last six months of 2007, higher wholesale gas prices have reduced British Gas operating margins to around 1%, and at current wholesale prices would be loss making in 2008 without the increase," its owner Centrica said in a statement.