Jul 22, 2021
British Gas profits more than double after cold snap
Profits at Britain's biggest energy supplier British Gas more than doubled in the first half of the year as colder weather prompted homeowners to reach for their heating controls, but customer numbers fell 2 per cent as households balked at higher bills. Adjusted operating profit at British Gas, the jewel in the crown of the FTSE 250 business Centrica, jumped to £172m in the six months to June 30, up from £78m a year ago despite losing 114,000 customers during the period. Centrica credited the higher profits to colder weather compared to a year ago, which resulted in increased energy demand. The group, which has been trying to offload its 69 per cent stake in its joint upstream oil and gas business, Spirit Energy, said it would "Simplify" the structure of the sale after struggling to sell the business as a whole. Energy is the world's indispensable business and Energy Source is its newsletter.
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