Focue Provides the Latest and Most Up-to-Date News, What You Focus On is What You Get.
⎯ 《 Focue • Com 》

British Gas has massively profited from the energy crisis and people are fuming

2023-07-27 10:03
British Gas has recorded record half-year profits and people are furious. It reported profits of £969m after price cap rises allowed it to make more money from household bills during the energy crisis. About half of the profit was due to the changes to the price cap made by the energy regulator, it has been reported. Price cap rises were brought in to let energy firms make up for losses when wholesale oil and gas prices spiked during the Ukraine invasion but bills were limited by the price cap, British Gas owner Centrica said. But given they have made more than enough money to compensate, people are raging. Here's how people reacted: Sign up to our free Indy100 weekly newsletter Simon Francis, coordinator of the End Fuel Poverty Coalition, said: "At a time when household energy debt is spiralling to record levels and energy bills remain double what they were just a few years ago, the profits posted will be greeted with disbelief by those struggling through the crisis. "There will of course be questions about how these profits were made, but the reality is that energy firms are operating on a playing field set by the government." Doesn't sound like anyone will be sending British Gas a congratulations card anytime soon... Have your say in our news democracy. Click the upvote icon at the top of the page to help raise this article through the indy100 rankings.
British Gas has massively profited from the energy crisis and people are fuming

British Gas has recorded record half-year profits and people are furious.

It reported profits of £969m after price cap rises allowed it to make more money from household bills during the energy crisis.

About half of the profit was due to the changes to the price cap made by the energy regulator, it has been reported.

Price cap rises were brought in to let energy firms make up for losses when wholesale oil and gas prices spiked during the Ukraine invasion but bills were limited by the price cap, British Gas owner Centrica said.

But given they have made more than enough money to compensate, people are raging.

Here's how people reacted:

Sign up to our free Indy100 weekly newsletter

Simon Francis, coordinator of the End Fuel Poverty Coalition, said: "At a time when household energy debt is spiralling to record levels and energy bills remain double what they were just a few years ago, the profits posted will be greeted with disbelief by those struggling through the crisis.

"There will of course be questions about how these profits were made, but the reality is that energy firms are operating on a playing field set by the government."

Doesn't sound like anyone will be sending British Gas a congratulations card anytime soon...

Have your say in our news democracy. Click the upvote icon at the top of the page to help raise this article through the indy100 rankings.

Tags news