Eon energy raising the price of gas and electricity

[James J]

Just seen on the BBC news website that Eon plan to raise the price of their electricity by 11% and gas by 18% on the 13th september this year and they definitely aren't the first, or will be the last, company to do this.

http://www.bbc.co.uk/news/business-12690342 - has the title "E.On reports sharp fall in profits" in bold at the top, which if you skim read gives you a reason for the price raises in the UK, yet if you read it properly, you get these two snippets of info:

Net profit came in at 6.28bn euros ($8.7bn; £5.4bn), down 28% on the 8.67bn euros the company made in 2009, largely due to one-off writedowns. Revenue rose by 16% to 92.9bn euros.

Plus, more importantly:

The company says it made a pre-tax profit in the UK of £763m last year, up 32% from the £579m earned in 2009.

So they actually made a PROFIT in the UK in 2010 when they supposedly had a really bad year...

How on earth can they get away with this? British gas are exactly the same as well = http://www.guardian.co.uk/business/2011/feb/24/british-gas-profits-centrica-competition-commission

British Gas profits jump 24% to £742m

Pressure on Ofgem to refer industry to Competition Commission as record profits come months after hikes in electricity and gas tariffs

Absolutely disgusting behaviour by these companies in my honest opinion and they really need to be looked into as they don't seem to be very truthful in their claims that their profits are being hit so they need to raise prices to the customers, yet again.

Opinions on this?

 

[Locky]

Nothing is going to happen, and we will continue getting shafted.

 

[alx]

You figures are slightly out of date, the British Gas figures released last week showed their profits down 54%....

"The results include a 54% fall in operating profits at its residential energy division, British Gas, to £270m."

http://www.bbc.co.uk/news/business-14321673

 

[Danthus]

British Gas, 9 million residential customers, £270 million profit.

By my calculations that is £30 profit per customer.

 

[Freakbro]

British Gas, 9 million residential customers, £270 million profit.

By my calculations that is £30 profit per customer.

Yea, but the accountants who produce those final figures are far better at manipulating them than you

 

[vicisthebest]

just switched to E-On last month as well.

Though I can use my Tesco clubcard points to pay my gas and electric now.

It doesn't really matter who you're with I don't think, they all follow each other anyway.

 

[Sho]

Nothing new there now isit?

 

[jumpy]

gonna have to start wearing elasticated rubber pants with all the reaming out of my wallet going on.

Had my letter from eon detailing price rises in comparison with BG yesterday. Still, they tell me I'll still be paying less than with BG - but that's like waking up in the morning to find a wad of bills on the bedside table... ok that's all well and good, but you've still just been ****** like a doxy.

 

[vicisthebest]

Ah, we got a letter this morning but it's addressed to my OH so didn't open it. Guess that's what it'll be, I assumed it would be a bill.

 

[laptop1967]

what's the use of ofgem!, these energy company's are ripping us off, posting record profits and their not doing anything!.

 

[jumpy]

ah, well... there's infrastructure for the future, you see. And securing supply for the future as well, you know.

All costs money... and we all know you can't just dig that up out of the ground.

 

[Danthus]

what's the use of ofgem!, these energy company's are ripping us off, posting record profits and their not doing anything!.

They are not all making record profits.

 

[laptop1967]

They are not all making record profits.

so your defending them!, report today on the bbc website, mike connor chief exec of consumer focus wants action,

http://www.bbc.co.uk/news/business-14417391

do you pay gas and electric like i do!.

 

[Danthus]

so your defending them!, report today on the bbc website, mike connor chief exec of consumer focus wants action,

http://www.bbc.co.uk/news/business-14417391

do you pay gas and electric like i do!.

I am not defending them, I am merely pointing out the facts.

 

[laptop1967]

I am not defending them, I am merely pointing out the facts.

No thats your opinion, the facts being reported on news sites don't agree with you!

 

[Danthus]

No thats your opinion, the facts being reported on news sites don't agree with you!

http://www.bbc.co.uk/news/business-14321673

The results include a 54% fall in operating profits at its residential energy division, British Gas, to £270m

So, 9 million customers, 270 million profit, £30 profit per customer.

Facts as reported by the BBC.

 

[laptop1967]

http://www.bbc.co.uk/news/business-14321673



So, 9 million customers, 270 million profit, £30 profit per customer.

Facts as reported by the BBC.

Load of PR Rubbish!, i couldn't care less what execuses they post, i actually pay them, and you can try and defend them all you want, it's falling on deaf ears!.

do you work for them or something, seeing as jumping on my post is NOT going to change my opinion or post's about the greedy sods!.

 

[Danthus]

No I don't work for them but I am a British Gas customer.

And how is it PR, their accounts are in the public domain.

 

[Jokester]

my opinion

Indeed.

As OC has pointed out, they're only making ~3% profit, which given inflation is what ~4% means they're effectively losing money in real terms. And EOn from the OP are only making 6.7% profit, again not obscene, but hey lets all look at the big numbers and ignore these facts.

Time to suck it up guys, the age of cheap energy is drawing to a close.

 

[PMKeates]

they're only making ~3% profit, which given inflation is what ~4% means they're effectively losing money in real terms.

It doesn't quite work like that