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The Telegraph
The Telegraph
16 Feb 2023


British Gas owner Centrica made record profits of £3.3bn as household bills surged during the energy crisis triggered by Vladimir Putin's war in Ukraine.

The figure is more than triple last year's adjusted operating profit of £949m, while a different measure of profit - earnings per share - increased eightfold.

Centrica has also rewarded shareholders with a full-year dividend of 3p a share, three years after cancelling the pay-out due to the pandemic, while it will boost a share buyback programme by £300m.

It comes as the company faces growing pressure over its treatment of customers, who have seen energy bills soar during the cost of living crisis.

Analysis by the Telegraph of Octopus Energy calculations showed that British Gas customers were being billed £482m a year more simply because they have not set up a direct debit.

Britain's biggest household energy supplier has also come under fire over revelations in the Times that it sent debt agents to break into the homes of vulnerable customers to install prepayment meters as bills hit record highs.

In its annual results,  Centrica said it was "extremely disappointed" by the allegations.

It added: "We immediately took action to address this and are completing a thorough independent investigation."

Average household energy bills are due to rise by another £500 in April when the Government raises its cap to £3,000 from its present £2,500. BP and Shell have both reported record earnings in recent weeks alongside Centrica, triggering calls for greater windfall taxes.

TUC general secretary Paul Nowak said: "While millions of families struggle to heat their homes, firms like Centrica are raking in monster profits."

Liberal Democrat leader Sir Ed Davey added: “This is a betrayal for British Gas customers across the country who are struggling to keep their heating on.

“Once again the Government's failure to implement a proper windfall tax is allowing oil and gas businesses to make billions off the back of hardworking families.”