British Gas Owner Sees Profits Rocket As Customers Struggle To Pay Bills
Centrica, owner of British Gas, has seen its profits increase more than fivefold throughout the energy crisis.
The energy company posted a £1.3 billion profit in the first six months of the year, up from £262 million during the same period last year. The record surge has been fueled by higher revenues from its oil, gas, and nuclear assets.
On Thursday, British Gas said it expects a further surge in profits this year amid rising energy prices, which has seen the company reinstate its dividend payout. Shareholders are receiving a dividend of 1p per share at a time when many households are struggling to pay record-high energy bills.
Since the outbreak of the Ukraine war at the end of February, gas prices have reached their highest level, with worse yet to come for consumers. In January, it is understood that the UK’s energy price cap could reach £3,850 per year.
In response to Centrica’s results, CEO Chris O’Shea commented, “We are very aware of the difficult environment many customers are facing and we will continue supporting them.”