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Centrica: Gas prices to rise for some time

Centrica has revealed that gas prices are expected to rise considerably in coming years.

A new report released this week by British Gas parent company Centrica has indicated that rising oil prices and an increased dependency on foreign gas imports is to drive up energy prices.

Falling domestic production is expected to result in steep price climbs, which will mostly affect the consumer, with increases of between £600 and £1,000 predicted if current levels persevere.

Managing director of Centrica Jake Ulrich commented that the prices will rise "for some time" and that people will soon begin using less energy.

He said: "I think people will change the temperature they keep the house; they'll be more cognisant of energy waste, they'll buy better appliances."

Centrica recently acquired a package of non-operated gas and oil assets in Norway for £190 million, representing its first purchase in the country.

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