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E.ON Announces New Energy Price Hike

News that energy giant E.ON will be increasing the cost of both electricity and gas in the UK has sparked cries of fury from consumers and businesses alike. The changes will take affect tomorrow and see electricity rise by 16 per cent and gas by 26 percent with dual customers (those taking gas and electricity from E.ON) being hit with a 22 percent increase in their charges. So how do they justify this?

E.ON has been very vocal of late, some would say laying the ground work for a rise, with regards to the rising cost of energy in the wholesale markets. Indeed the company claims that wholesale energy prices have increase by over 50 per cent since the start of February, although much of this seems to have been connected with the earlier surge in the price of oil.

Many observers are commenting that while the oil price was rising many companies were using this as an excuse to increase prices but now that the oil price has fallen back sharply this argument does not seem to hold true. When you consider that the government has promised to review the practices of the energy companies in the UK this is very brave move by E.ON.

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