Outrage as British Gas owner’s profits triple to an obscene £3.3bn while millions struggle

Centrica's full-year profits hit £3.3bn for 2022, more than triple the £948m it made the year before.

Cost of living

Yet another energy company has raked in record profits amid soaring energy prices, with British Gas owner Centrica’s profits tripling to a ‘monster’ £3.3bn as millions struggle to make ends meet.

Centrica’s full-year profits hit £3.3bn for 2022, more than triple the £948m it made the year before.

British Gas has in recent weeks been condemned for force fitting prepayment meters in the homes of vulnerable customers, with Ofgem, the energy regulator, issuing a legal order preventing British Gas from breaking into its customers’ homes until it could prove that it was complying with all its legal obligations.

The record profits also come at a time when 8.4 million households are expected to be in fuel poverty from April, according to National Energy Action.

Centrica’s latest annual profits led to anger, with yet more calls for a tougher windfall tax.

Shadow Climate and Net Zero Secretary Ed Miliband tweeted in response to the news: “It cannot be right that, as oil and gas giants rake in the windfalls of war, Rishi Sunak’s Conservatives refuse to implement a proper windfall tax that would make them pay their fair share.

“Labour would use a real windfall tax to stop the energy price cap going up in April.”

The TUC’s General Secretary Paul Nowak slammed Britain’s broken energy market. He said: “While millions of families struggle to heat their homes, firms like Centrica are raking in monster profits.

“It is time to bring energy retail companies into public ownership.

“Privatisation has been a disaster for hard-pressed households. The only real winners have been shareholders who have creamed off hundreds of millions in dividends.

“That’s why the TUC is calling for the government to set up a public energy company to lower bills.”

LFF columnist Prem Sikka tweeted: “British Gas owner Centrica triples profit from £948m to £3.3bn.

“Profit made by picking people’s pockets, forcibly putting the poor/vulnerable on prepayment meters & expensive tariffs.

“Govt says wage rises are inflationary, but doesn’t curb profiteering.”

Basit Mahmood is editor of Left Foot Forward

Comments are closed.