Friday, 25 February 2011

Wholesale Energy Prices Continue 2011 Rise as Centrica Announces Record Profit

British utility Centrica announced record profits on Thursday as news of soaring oil prices continued to put UK energy prices under upward pressure.

Centrica's pre-tax profit of GBP1.92bn in 2010 was an increase of 18% over the previous year. ICIS Heren data shows that the key Day-ahead UK price for wholesale gas rose by 38% in 2010 compared with 2009.

Year on year, the average price of wholesale gas for January 2011 was 59.031 pence/therm - an 88% increase over the price for January 2010, at 31.39 pence/therm. This index figure is a weighted average of all the deals for gas delivered over the next month reported to ICIS Heren. These deals took place the month before delivery.

And the Day-ahead price for gas delivered during working days is up by 44% so far this year, compared with the same period last year.

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