As widely predicted, Powegen have again raised their prices by a substantial amount - 18.4% for gas and 9.7% for electricity. The new tariff will take effect from Monday.

Powergen are the last major UK energy supplier to implement a second price hike this year, following rises of 25% and 18% in March.

Powergen’s parent company has recently announced a 26% drop in profits, although the pre-tax profit figure was still a healthy looking £304m.

Britain’s 6 million customers of Powergen are bracing themselves for further price rises after parent company E.ON announced a significant dip in UK profits. Pre-tax profits for UK operations fell by 26% to £304m in the first half of the year.

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The Observer yesterday had a story that ‘industry insiders’ expected a new double-digit gas price rise from Powergen, following on from recent British Gas and EDF hikes.  Full Story

The article also includes background on the wholesale energy crisis which has lead to consumer prices rising by 90% over two years, and gives details of EU investigations into the industry.

Powergen have become the latest energy company to introduce eye-wateringly high price rises for domestic customers, with its gas going up by 24.4% - beating even the 22% levied by British Gas.

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