Tuesday, October 22, 2013

Things could be worse! You could be living in Britain!!

After grousing about the 7% recent hike in my electric bill, I came across this article....

Oct 2013 - UK energy companies certainly have an ability to step in it - all the way up to the knees. What makes it the more remarkable is the callous way in which they move from one crisis to the next.

All of which has obliged a hasty revision in the strategy for my meetings here.

The latest imbroglio involves a very unwelcome (and significant) spike in energy prices as the nation moves into the winter season.

The UK market is controlled by six dominant providers of electricity and heat: British Gas, EDF, E.ON, Npower, SSE, and Scottish Power. And when one of them raises its rates, the rest are certain to follow.

That march is now underway. British Gas announced on Friday an average 9.2% increase, effective November 23. That followed a recent decision by SSE to hike rates an average of 8.2% beginning on November 15.

And right on cue, Npower yesterday became the third to hike prices, announcing an average increase of 11.1% to begin December 1.

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