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Energylinx UK Energy Industry News Service
December 11, 2004
British Gas lose 630,000 customers
British Gas have announced the loss of a further 630,000 customers in the second half of 2004. This comes on top of 290,000 customers in the first half of the year.
Centrica, the owner of British Gas unveiled these customer losses in their latest trading outlook for 2004.
British Gas had increased their electricity prices in September by 12.4% and 9.4% for gas placing them in unenviable situation of being one of the most expensive domestic energy suppliers in the UK.
Centrica have stated that in the light of this the British Gas profit margin will be similar to 2004 and will increase in 2006 as gross margins improve and the full-year impact of cost reductions takes effect.
Energylinx are not surprised by this latest announcement as it only takes a few minutes to compare British Gas prices with all other suppliers and see just how expensive their domestic prices currently are.
Interestingly however is the analysis of results over the last few years, shown below, which show whilst British Gas is indeed losing substantial customer numbers their profit from the retail business has increased substantially.
Energylinx would advise any existing customer of British Gas to take a few minutes to compare what is available from alternative suppliers.
Whilst wholesale gas prices quoted in October showed an expected peak of around 80p/therm in January 2005 they have now fallen back to around 40p/therm. Analysis carried out by Energylinx suggests that this is a short term drop and wholesale prices creeping up again over the next few months to around 60p/therm.
|
British Gas residential results for the six months ended 30 June |
2004 |
2003 |
2002 |
2001 |
|
|
Customer numbers (period end) (000s): |
|
|
|
|
|
|
|
Residential gas |
12,294 |
12,761 |
13,025 |
13,598 |
|
|
Residential electricity |
6,191 |
6,042 |
5,592 |
4,326 |
|
Total |
18,485 |
18,803 |
18,617 |
17,924 |
|
|
Operating profit (£m): |
|
|
|
|
|
|
|
Residential gas |
- |
- |
172 |
55 |
|
|
Residential electricity |
- |
- |
25 |
14 |
|
Total |
228 |
169 |
197 |
69 |
|
|
Operating profit per customer (£s): |
|
|
|
|
|
|
|
Residential gas & electricity |
12.33 |
8.99 |
10.58 |
3.85 |
|
|
|
|
|
|
|
Posted by energylinx at December 11, 2004 01:49 AM Technorati: Energy Prices
