British Gas to raise prices, company warns
Published: May 12, 2008 at 7:04 AM
In a recent stock exchange filing in London, Centrica warned it "will take the necessary action to deliver reasonable margins in the retail business," The Times of London reported.
Since the price hike of 15 percent in January, British Gas has lost 100,000 customers, the Times reported.
However, the company is strapped with several long-term industrial contracts, signed years ago, that the company says will create losses between $200 million and $400 million in 2008.
Rising wholesale gas prices have increased those losses, the company said.
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