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British Gas Posts 24 Per Cent Profits

British Gas have announced increased year on year profits of 24 per cent, taking their operating profit from £598 million to £742 million.

British Gas have taken on 267,000 new residential energy customers in the last year, but the company also claim that gas consumption – no doubt for heating during the cold winter weather – increased by 11% last year.

Average electricity consumption increased by 2%,too. The fact that British Gas increased their prices in December by 7%, the equivalent increase of £44 for gas and 5.8% or £24 for electricity, pushing its average annual household bill up from £1,030 to £1,097, also, no doubt would have helped.

 British Gas Energy Bills

“The reality is that over three quarters of consumers (76%) have cut down or rationed their energy usage this winter because of cost - a 7% increase on last year,” said Ann Robinson, Director of Consumer Policy at uSwitch.com.

Robinson argued that there was now a pressing need for more affordable energy to be made available in British homes.

“Whether suppliers have got this balance right, or not, is something that Ofgem now needs to answer as a matter of urgency. The important thing for consumers to understand is that they do have a choice.”

Consumers who are faced with increased heating bills and energy charges should shop around and look for the most affordable energy provider for their own individual needs.

Ofgem figures show that less than half of UK households have looked to change their gas or electricity provider. If you are looking to make monthly savings, you could save a lot of money by switching provider now.

In a bid to cut back on spending, many cash-strapped people are shunning away from their credit cards and opting instead to use prepaid cards as they make it easier to keep track of what you are spending your money on.

Tags: British gas, energy bills