British Gas reveals plummeting profits

British Gas owner Centrica has said on Thursday that after soaring energy prices over the past two years the UK is now a “more normalised” gas electricity market.

In the six months to 30 June British Gas Energy plummeted to £159 million compared to £969 million last year.

Centrica said that the half a billion slump was due to there being no energy crisis allowance payments.

Centrica group chief executive Chris O’Shea said, “Our core businesses continued to deliver in line with our expectations in the first half of 2024, against the backdrop of more normalised market conditions.

“Against the medium-term profit objectives we set out last year, we are on track to deliver two years ahead of schedule for the majority of our businesses, and we continue to ramp up our investment programme, including in innovative technologies that will support the UK and Ireland’s net zero ambitions.”