🔴 Breaking: British Gas has reported record profits of almost £1billion – an increase of almost 900 per cent – after its retail supplier arm was boosted by the price cap increase during the energy crisis
British Gas Energy, the firm’s retail energy division, saw underlying earnings leap to £969m from £98m a year earlier., which owns British Gas, has revealed it swung to a £6.5bn operating profit in the first six months of the year while earnings at its retail supplier arm soared by 889 per cent.
Simon Francis, co-ordinator of the End Fuel Poverty Coalition, said: “These profits are a further sign of Britain’s broken energy system. “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.”The energy price cap, which is set by the regulator Ofgem, limits the amount suppliers can charge customers for their default tariff.In 2022, the Government introduced the energy price guarantee to temporarily replace the energy price cap.
From 1 July this year, Ofgem lowered the price cap to £2,074 per year for an average household in response to the reduction in wholesale gas prices.It comes as Shell failed to deliver another bumper crop of profits in the last quarter, with the business falling short of market expectations.
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