British Gas price hike: in numbers

British Gas is under pressure to explain why it is putting gas prices up by 8.4% and electricity prices up by 10.4% this November, despite promising in May to use a windfall from higher gas use over last winter to keep bills low.

The Prime Minister and others have criticised the move, while British Gas failed to help themselves by scoring a ridiculous own-goal when they turned to Twitter to ask customers what they thought.

LondonlovesBusiness.com takes a look at the key figures and what they will mean for customers

  • £131 – The amount the price hike will add onto typical bills.
  • £1,471 – How much the increases will take the annual average cost of heating and lighting a typical household to.
  • £600m – The profits British Gas can expect to make this year following the price hike.
  • £2.6bn – Forecast profits at Centrica (British Gas’s parent company), up from £2.45bn.
  • £2.9m – The amount the managing director of Centrica, Chris Weston, earned last year in pay and perks. Asked if he would accept a bonus worth up to 150% of his salary, Weston replied: “It is a matter for the board”.
  • £155bn – The additional amount which will go to the Treasury, as the government takes 5% of every bill, taking the total to nearly £2bn a year.
  • 8.2% – The price hike announced by rival energy firm SSE this week. John Robertson MP, who sits on the Energy Select Committee, warned that the remaining big power firms are “sure to follow” British Gas and raise prices.
  • £13bn – The cost of winter energy bills if all suppliers increase prices by about the same amount – a rise of around £1bn.

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