British Gas records profits of almost £1 billion on the back of Ofgem’s price cap ‘while millions of families struggle’

Centrica who owns British Gas has recorded profits of almost £1 billion which is a “further sign of Britain’s broken energy system.”

In the first six months of the year underlying earnings in British Gas’ electricity and gas sector was up by a whopping 889% to £969 million to 30 June.

This is up by £98 million from the same period last year and British Gas made around half of this profit due to Ofgem’s price cap for the first six months of the year.

Liberal Democrat leader Sir Ed Davey said, “It beggars belief that after all these months this Conservative Government is still allowing energy firms to rake in extraordinary profits while millions of families struggle.”

Simon Francis, coordinator of the End Fuel Poverty Coalition, said, “The profits are a further sign of Britain’s broken energy system.

“At a time when household energy debt is spiralling to record levels and energy bills remain double what they were just a few years ago, the profits posted will be greeted with disbelief by those struggling through the crisis.

“There will of course be questions about how these profits were made, but the reality is that energy firms are operating on a playing field set by the government.

“People will rightly ask what this government is doing to curb these profits and fix our broken energy system.”

Centrica said: “All suppliers had to purchase a portion of their electricity and gas at levels above the price cap.

“Allowances to recover this cost were introduced into the price cap from April 2022, with recovery continuing into the first half of 2023.”