British gas

[BayBoy1]

British Gas has been fined two and a half million .Who gets this money ??? and what is it spent on?

[Ankou]

when a regulatory body like ofgem, ofcom or ofwat fines a corporation, the money is paid into the exchequer's consolidated fund - a single bank account.

of course the recent announcement of bg price increases probably means they were expecting the fine, and also who they were expecting to pay it.

[KJN]

GREAT answer Ankou Which is why I changed suppliers yesterday.

[Ankou]

i wouldn't crack open the champers just yet, the others will follow in august.

[Old_Geezer]

At close on £750M profit last year, I suspect a £2.5M fine, although unpleasant, isn't likely to to be much of a driver affecting domestic charges. What is that, about 0.3% ? They'll go up and down in harmony with the rest of them. If you jump it is likely to be out of the frying pan, into the fire.

[emmie]

sure that will be passed onto the customers ultimately.

[KJN]

Ankou I Fixed yesterday with EDF till August 2012 and got rates that are less than British Gas rates (before their increase next month) so approx £250pa better off and no increases till August 2012 (every little helps).

[Ankou]

good for you kjn

[KJN]

Thks.Looks like the Gas and Electric Companies will have to be treated the same as the Car and House Insurance Companies, check each year for best quote and take it from there. Nothing these days from Companies re loyalty,

[Ankou]

in fact the opposite in a lot of cases. one i remember recently was the aa. it was cheaper to leave the aa, and then join as a 'new' customer, because if you stayed 'loyal' year on year, your membership levy went up. most people had annual direct debit and were not aware.

always make sure that you check/or unckeck the box that says 'renew automatically every year'.