The owner of British Gas faces criticism as its profits surged tenfold in just one year, reaching £750 million.

This considerable spike, up from £72 million in 2022, is attributed to the regulatory body Ofgem raising the price cap, as stated by the supplier. The retail division of Centrica, predominantly represented by British Gas, saw its earnings soar to £799 million from £94 million the previous year.

Centrica clarified that, in line with other energy providers, it was permitted to recover certain expenses incurred during the energy crisis, contributing an additional £500 million to British Gas’ profits.

Simultaneously, official data disclosed that over three million households are grappling with fuel poverty. Government assistance managed to prevent this figure from escalating by 500,000, offering relief to financially strained families.

Fiona Waters from the Warm This Winter campaign group condemned British Gas' "excessive" profits, denouncing them as emblematic of exploitation within the country. She emphasized the plight of millions residing in cold, damp residences due to their inability to cover energy expenses.

Ofgem underscored the importance of "reasonable" profits for sustainability, service quality, and fostering innovation.

Chris O’Shea, owner of British Gas, acknowledged the challenges faced by the most vulnerable segments of society, stressing that the struggle encompasses not only energy costs but also expenses related to housing, such as rent and mortgages, as well as basic necessities like food.

Source