Energy minister admits concern over price rises

• By E4B
• 19 June 2008
• Email
• Print
• RSS

The UK's energy minister has admitted he is "worried about the scale" of potential gas and electricity price rises.

Malcolm Wicks has stated in an interview that there are "guesstimates and guesses" about the increasing cost of energy for homes and businesses, but added that no-one yet knows what to expect.

However, speaking to the Press Association, he explained that the rising cost of wholesale coal and gas prices meant that price rises were set to be "significant" and added that the problem is "a global issue".

"It's affecting not just Britain but all countries and we have got to tackle it on a number of fronts," he told the news agency.

Mr Wicks added: "Our prices for electricity are still lower than in many parts of Europe."

John Hall, who advises a number of energy suppliers on cost issues, recently stated that UK consumers were facing an increase of around 40 per cent if the price of oil does not fall.