UK electricity price ‘over four times higher than France’

8 October 2008

British energy companies have to pay over four times more for their electricity than competitors in France, The Times reports.

The news may cause increased concern amongst UK billpayers, with approximately 5 million households currently facing fuel poverty, and many facing debt problems as a result.

A squeeze in generating capacity has caused wholesale prices to soar, with electricity also costing British companies over 70% more than in Germany.

On Friday, the forward price of power for November exceeded £130 per megawatt hour. According to market data provider Spectron, the price in France was closer to £31, while in Germany it was around £75.

A spokesperson for debt management company Gregory Pennington said: “It’s been known for some time that the cost of energy is rising, but this news will hit home with the many billpayers now facing debt because they cannot keep up.

“We advise anyone struggling with debt to seek expert debt advice as soon as possible.”

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Gregory Pennington provide a range of debt solutions, including debt management plans, debt consolidation and IVAs (Individual Voluntary Arrangements). To learn more about how you can manage your debts, click here.

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Gregory Pennington are founder members of DEMSA (Debt Managers Standards Association).

DEMSA are the first trade body within the finance industry to successfully secure approval for its code of practice under the OFT Consumer Codes Approval Scheme (CCAS).