Thursday, 21 February 2008

British Gas

"British Gas has been accused of "taking customers for a ride" on the eve of an expected announcement of a sixfold increase in its profits to £640 million.
Despite a drop in the cost of wholesale gas, the company has raised prices to customers, enabling it to increase the profit it makes from each one to almost £40, compared with just under £6 a year before.
British Gas will announce its operating profits for 2007 tomorrow, but a report by analysts at Citigroup has predicted the figure for residential gas and electricity supply will be £638.7 million, compared with a profit of £95 million in 2006.
Ann Robinson, the director of consumer policy for price comparison website, said: "British Gas is taking its customers for a ride. It has come bottom in recent surveys of customer service, yet it has put its prices up and massively increased its profits. It is very good at looking after shareholders but not at looking after its customers."
The cost of buying wholesale gas fell by 40 per cent in 2007, yet British Gas put up retail prices for gas and electricity by 15 per cent this year.
British Gas said: "We won't make any comment until the figures are released."

From the Telegraph via

Now the figuires have been published and British Gas still hasn't commented - Surprise, Surprise!

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