British Gas gets new customers following cuts
Published on : 14/05/2007
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British Gas has signed up over 900,000 new customers since slashing its prices in the early part of this year, the company has revealed.
The Centrica-owned group was able to implement two cuts in February following lower wholesale gas and power charges - although it says profits at its gas production operations had fallen significantly.
The gas and electricity supplier lost ground in relation to its competitors last year, after rising prices saw it lose thousands of accounts, with consumers switching to cheaper providers. It now has 15.8 million customers in these two divisions.
Production was down by 48 per cent over the first four months of 2007 compared to the same period of last year, Centrica said. The group expects its profits over the whole year to beat market forecasts, as a result of the 65,000 customers per week it has attracted since implementing price cuts.
These higher-than-expected earnings might mean that the company is able to slash prices further as the year continues, Centrica said.
Around £200 has been knocked off the price of the average British Gas bill as a result of the group's recent cuts.
