British Gas 'to increase prices'

Between 1 January 2020 and 30 June 2020, people who switched energy supplier for both gas & electricity with Uswitch saved an average of £387.

British Gas is reportedly considering a move to increase the price of its energy.

It has been claimed that the provider, which is one of the largest in the UK, is to increase its cost by a minimum of 15 per cent due to the rising cost of wholesale energy.

According to the Times, other suppliers are expected to follow British Gas, which is thought to be particularly affected by rising gas prices due to shortages in its supplies.

Talking to the newspaper, an industry source explained: "They are really feeling these prices... so it is just a question of how long they can hold on without being forced to issue a profit warning.

"Nobody wants to be put in that position."

Speculation about the potential price increases has followed the comments made by Sam Laidlaw, the chief executive of British Gas owner Centrica, to a committee of MPs.

He stated that energy prices in the UK have to rise "at some point" due to the increasing wholesale costs.

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