Customers reassured in face of rising wholesale gas prices

British Gas, Britain's largest energy supplier, reassurs its customers following rises in prices in the wholesale gas market.

British Gas, Britain’s largest energy supplier, has today reassured its customers following rises in prices in the wholesale gas market.

This week, prices in the day-ahead (or ‘spot’) market have reached their highest point since 2006 (100p per therm) – largely driven by the current cold snap affecting Europe.

However, British Gas, has reassured its customers that this will not affect their gas prices this winter. British Gas bought the bulk of gas its customers would need this winter before the dramatic rises in the wholesale market. British Gas has committed to hold prices for its customers this winter.

Ian Peters, managing director of energy at British Gas, said: “We know household budgets are already under pressure, and people will be worried by the cold snap and reports of record high gas prices in the wholesale market.

“British Gas customers shouldn’t be alarmed by reports of rising demand and record rises in the short-term wholesale markets. Because we’ve already bought the bulk of the gas our customers will need this winter, we can ensure we have enough for our customers – and we can protect them from spikes and sudden rises in the wholesale markets like the ones we’ve seen this week.”

“Anyone who is at all worried about their energy bill this winter should contact us, as we have many types of support available, like free insulation, a tariff checker to make sure they’re on the best deal and flexible payment options.”

Notes

  • Prices in the day-ahead wholesale gas market hit 100p per therm on Tuesday 7 February 2012
  • This was the highest price since 17 March 2006 when wholesale gas prices hit 135p per therm