| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: GAS, WATER & MULTIUTILITIES |
Powergen hikes gas prices by 24% |
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Tue 28 Feb 2006
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LONDON (SHARECAST) - Powergen has followed the lead of market leader British Gas and levied hefty price rises on its 6m gas and electricity customers.
The group, which is owned by Germany's E.ON, said electricity tariffs would rise by 18.4%, while gas customers prices rise by 24.4%.
Like British Gas, the company is blaming the rise In wholesale gas costs for the biggest price rise in its history.
"We shielded our customers from the impact of these costs for as long as possible, and we continue to ensure that our prices are highly competitive," said Powergen's Nick Horler. The new prices come into force on 10 March.
British Gas, part of Centrica, raised prices by 22% this month just ahead of results showing a £1.5bn profit overall.
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