Powergen raises prices

18-08-2006

Electricity provider Powergen has announced it is raising its electricity and gas prices by 9.7 per cent and 18.4 per cent respectively.

The Coventry-based firm, blaming "increasing wholesale costs" for the increases, said that the price hikes would come into effect from August 21st.

Announcing the increase, Powergen emphasised the continued investment it makes in power generation, including renewable sources of energy, in order to reduce its reliance on the global energy market in the future.

"We take today's announcement very seriously and have fully considered its impact on our customers," Nick Horler, managing director of Powergen Retail, said.

"Despite this increase, for the average customer, we are still over ten per cent cheaper than British Gas and we remain fully committed to working with our customers to help them reduce their consumption and lessen their impact on the environment."

Today's price rises by Powergen follow a raft of similar increases from other energy providers throughout the first half of 2006.

Powergen had itself raised prices for electricity by 24.4 per cent and by 18.4 per cent for gas in March.

Since the beginning of 2005 wholesale electricity and gas costs have risen by 87 per cent, Powergen claimed.


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