As profits hit £299m, will British Gas lower energy prices?

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Consumer groups are calling for one of the big six energy firms to slash its gas and electricity prices following a massive 80 per cent rise in profits.

British Gas announced yesterday that it made £299 million, the equivalent of £20 a second, in the first half of 2009 and campaigners say this should be passed on to customers.

Consumer Focus energy expert Robert Hammond said: "Wholesale energy prices have come down and remain low, so we believe energy firms across the board should be making significant further price cuts."

British Gas has already slashed its bills by ten per cent in May of this year, but it has been suggested that its massive profits mean it can do more to help cash-strapped consumers.

The firm's managing director Phil Bentley has hinted that prices may come down in the future but ruled out any imminent reductions, stating that it is investing cash in creating new power plants and boosting green energy measures.

Reports this week have suggested that rather than going down, some consumers may see their gas and electricity bills soar as their fixed-rate deals end.

Anyone hunting around for a new tariff would be wise to use a price comparison site to make sure they are getting the best deal.

Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.

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