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Energy chief warns of higher bills

Ian Marchant, the chief executive of Scottish Hydro Electric, has today issued a statement which will bamboozle utility customers in the UK. He suggested that only six weeks ago he was forecasting a reduction in UK energy bills but this opinion has changed of late as gas and power prices remain stubbornly high in the wholesale market. He now believes that UK consumers are unlikely to see energy bills fall during 2010 despite the fact they have risen dramatically over the last two years.

This comes on the day that Scottish Hydro Electric announced profits of £1.3 billion which were up 3% on last year's figures despite the fact that demand fell during the recession. It looks almost certain that we are headed towards another battle royal between the government and utility companies which continue to make more and more money from UK consumers and UK businesses. There are some very different opinions regarding the trend in wholesale energy markets compared to the trend in retail energy costs.

Many people have been banking on the cost of utility services to fall in the latter part of 2010 which would take some pressure off inflation. However, this looks unlikely to happen if Ian Marchant is correct and with more and more customers coming off fixed agreements signed some months ago there may be some big shocks in store for some UK households.

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