UK energy prices rise twice of EU average

by Dave Keating | November 5, 2008 at 04:58 am

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The astonishing rise of gas and electricity prices in Britain have been a worrying trend to many British consumers. Those consumers may be distressed today to learn that gas prices in the UK have risen at twice the EU average. This may frustrate them considering that the UK is on of the EU's only countries with oil.

Gas and electricity prices in Britain have climbed twice as fast as the European Union average, according to new figures released on Wednesday.

Data released by the Organisation for Economic Co-operation and Development (OECD) showed a 29.7 percent rise in utility prices in the past year, compared to EU's 15 percent increase.

The OECD statistics showed that German customers experienced a 12.2 percent price hike while their French counterparts saw their energy bills shoot up by 14 percent.

Consumer Focus chief executive Ed Mayo said Britain should take the cue from other countries in trying to keep prices down.

"The UK has a relatively free market, but the freedom to cut prices in the early years now seems to be the freedom to raise prices with impunity," he told the BBC.