The French energy giant’s UK arm recorded bumper earnings of £1.12bn compared with a £21m loss the year before, driven by the vastly improved performance of its nuclear electricity generators.
- Feb 17, 2023, 10:30 AM CST
Unlike generators which rely on gas to produce power, it has benefitted from higher electricity prices across wholesale markets.However, its consumer supplier business lost more than £200m during the same trading period, with EDF blaming the losses on the cost of buying energy for customers – which was higher than the prices set under the energy price cap.British Gas owner Centrica unveiled £3.
Overall, the UK business recorded an operating loss of almost £1bn once these factors were taken into account. That cost the group £7.3bn over the year – which essentially scrubbed out the £7.8bn it made from market price rises.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Centrica profits hit record high of £3.3bn\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Read more »
British Gas owner Centrica sees profits soar to £2.8billion from £392mIt is the latest energy firm to announce a huge windfall
Read more »
British Gas owner Centrica records billions in annual profits over the last yearBREAKING: As millions of Brits struggled to heat their homes, British Gas owner Centrica has revealed its profits hit £3.3billion for 2022. This is triple the huge £948million the energy giant made the year before.
Read more »
British Gas owner Centrica reveals profits of £2.8bn in 2022, up from £392mBritish Gas owner Centrica has reported huge profits for 2022, soaring to £2.8 billion from £392 million in 2021 🔴 Energy firms have seen record profits since oil and gas prices soared after Russia’s invasion of Ukraine
Read more »
Centrica profits hit record high of £3.3bn\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Read more »
British Gas owner Centrica sees profits soar as energy bills riseThe energy firm's profits surged after oil and gas prices jumped as a result of the war in Ukraine.
Read more »