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We Won't Cut Energy Bills... Customers Want (Higher) Stable Prices, Says British Gas Boss

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The boss of Britain’s biggest energy provider yesterday dismissed calls to cut high energy prices, saying customers value ‘stability’ in their bills.

Sam Laidlaw, chief executive of British Gas owner Centrica, provoked fury with his comments as the company reported profits of almost £900million in just six months.

Global gas prices are at a four-year low and the cost of electricity has fallen by almost a quarter since the start of the year.

But power firms have refused to pass on the savings, which experts say could cut the average family’s bill by more than £50.

Great news clearly they will now be investing in the infrastructure to store gas for the long term. Investing the money they are taking in capital is a good move....

Sorry you mean your just going to take the profits and run!

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I don't have a problem with stability. If energy prices were reasonable, and just gradually rose at 1 or 2% per year I wouldn't mind.

I think prices are too high at present, but I'm certainly against wild fluctuations.

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In the past the MPC at bank of England would not have wanted price cuts because these would put downward pressure on cpi which would need countering with QE. For the energy sector falling prices in short term would I think decrease investment in longer term. However, where we are now near election the MPC and government now might in the short term welcome cuts as would put money into people's pockets. Ok so maybe the infrastructure is knackered in ten years with rolling blackouts but there is an election in the short term!

Edited by Ash4781

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I assume that the stability he talks of is guaranteed by forward purchasing of the next five years worth of supply.

In the real world as soon as wholesale prices tick upwards retail prices will jump.

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