Friday 1 July 2011

Landlords fear up to 50% energy price rise

Landlords fear energy price rises of up to 50% in the next three years, according to new research released today.

The news comes hot on the heels of Scottish Power's recent price increase of up to 19% for gas and electricity by 10%, with other energy firms widely expected to follow suit in the near future.

Ninety six percent of housing professionals polled in April by Property Week believed that a price increase is on the way.

Two-thirds expected these rises to add up to a quarter to their bills in three years' time, and 28.6% expect it to add between one quarter and one half to the cost.

Mark Callaway, Director of Energy Markets at Power Efficiency, the energy consultancy which released the research, said: "There is no question that wholesale energy prices are going to continue to rise. There is little that tenants or landlords can do about it, other than try to procure the best contract energy deals, and cut energy consumption."

In a nod to the growing awareness of efficiency, nearly a third of those asked said that energy management was becoming a more important area of focus for their tenants.