Centrica’s challenges are myriad, including raising bills amid squeezed household budgets, threats of renationalisation and price caps, and a growing cohort of rivals from tiny start-ups to Google. Next month there could be more pain, Conn hints. That’s when British Gas’s six-month pledge not to increase gas and electricity prices comes to an end. Costs have risen 15% over the past year for energy suppliers, he says, and “we are not immune from those”. “We are going to have to pay attention to all of that as we think about pricing,” he adds ominously. British Gas supplies 8.6m homes. Any hike in prices would reignite the long-running row over energy costs, which saw the Tories promise a price cap and Labour commit to renationalising the industry before the general election in May. Conn, unsurprisingly, does not believe in either course of action.
Times 23rd July 2017 read more »