{"id":420088,"date":"2011-05-09T09:08:29","date_gmt":"2011-05-09T09:08:29","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/09\/centrica-energy-prices-may-rise\/"},"modified":"2011-05-09T09:08:29","modified_gmt":"2011-05-09T09:08:29","slug":"centrica-energy-prices-may-rise","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/09\/centrica-energy-prices-may-rise\/","title":{"rendered":"Centrica – energy prices may rise"},"content":{"rendered":"

9 May 2011<\/span> Last updated at<\/span> 05:08 ET<\/span><\/span><\/p>\n

The owner of British Gas, Centrica, has warned that customers may face higher energy bills.<\/p>\n

Centrica said “end-user prices” did not reflect the price it was paying for gas on the wholesale market.<\/p>\n

The company also said that it was likely to cut investment in the UK after the Government raised taxes on North Sea oil and gas production.<\/p>\n

Centrica said the tax hike would erode profit growth in 2011, sending the company’s shares down more than 4%.<\/p>\n

The company’s statement said that the worldwide energy market had been thrown into turmoil following the natural disaster in Japan and unrest in Africa and the Middle East.<\/p>\n

“In the UK, the forward wholesale prices of gas and power for delivery in winter 2011\/12 are currently around 25% higher than prices last winter, with end-user prices yet to reflect this higher wholesale market price environment,” the statement said.<\/p>\n

Continue reading the main story<\/a> <\/p>\n

The company said average residential gas consumption in the first four months of the year was 19% lower, while electricity consumption was down 4%.<\/p>\n

Centrica also warned of the impact of a rise in energy taxes. Last month, the government unexpectedly raised a supplementary tax charge on North Sea oil and gas producers from 20% to 32%.<\/p>\n

“We continue to expect growth in our 2011 group earnings but at a more modest rate than anticipated at the time of our last results announcement as upstream profits have become more highly taxed,” the company said.<\/p>\n

“We no longer expect to maintain the previously projected high levels of investment in the UK,” it said.<\/p>\n

Centrica said last week that it may shut one of its gas fields in Morecambe Bay as the tax rise made it unprofitable to run.<\/p>\n

It followed a decision by Norway’s Statoil in March to put some developments on hold as a result of the tax rise.<\/p>\n<\/div>\n

Read more:
\nCentrica – energy prices may rise<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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