SSE follows rival's price hikes

Published:
21 August 2008
Topic:
News,Gas & Electricity,Money

Scottish & Southern Energy (SSE) has become the second energy company in a matter of hours to announce major price increases.

From Monday August 25, SSE's electricity customers will see bills increase by an average of 19.2%, while gas customers will have to cope with an increase of 29.2%.

The firm, which has 8.8 million UK customers, follows rival E.ON which hiked prices by 26% and 16% in gas and electricity prices respectively. Both firms blamed soaring wholesale energy prices.

The moves leave only npower and Scottish Power of the major energy firms not to have raised prices.

SSE, the UK's second largest supplier, said the average dual fuel customer would see annual bills rise by £253 a year to £1259. It is the second hike its customers have faced since April.

SSE's energy supply director Alistair Phillips-Davies said: "The world is experiencing an energy shock of a kind not seen since the early 1970s, but which is likely to have more profound and lasting consequences."

SSE, which owns Southern Electric, Swalec and Scottish Hydro Electric, said its forward wholesale prices had jumped by 50% for electricity and 60% for gas between February and July.

Copyright © PA Business 2008

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