25 June 2008
Energy chiefs have warned that consumers are likely to face large rises in costs this year, thanks to growing fees globally. Speaking to a Commons select committee, officials from the biggest suppliers in Europe said that there is probably no other outcome. Chief Executive at Scottish and Southern Energy Ian Marchant noted that a 40% hike could be seen in the near future, citing the outgoings at energy groups. And Centrica's boss Sam Laidlaw added that the largest organisations need to have a good operating margin and this is why prices will be raised. "We need to have a margin, we need to make a return because we need to invest in new sources of gas for the UK and to invest in replacing power generation," he commented. He said that 25% of the power sources the UK uses will have to be altered in the next decade. Representatives from all of the biggest energy companies, such as E.ON, British Gas and EDF were in attendance.