Kate Plummer
Jul 27, 2023
content.jwplatform.com
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:
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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...
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