Feb 24, 2022
Centrica profits double as households brace for energy price hike
British Gas owner Centrica has repaid a £27mn government loan used to pay staff furloughed during the pandemic and held back its chief executive's bonus as it posted a doubling of profits weeks before households face a record increase in their bills. Centrica, which has almost 11m customers, said adjusted operating profits rose by 112 per cent to £948mn in 2021, bolstered by surging profits from its North Sea oil and gas business. The profit rise will fuel political concerns over rising energy bills for households. British Gas had been losing customers due to intense competition over the past decade, but the collapse of 33 energy suppliers since January 2021 has benefited the company, which has "Hedged" or insured against price rises. Under its "Supplier of last resort" regime, the industry regulator Ofgem has transferred hundreds of thousands of customers of failed energy groups over to British Gas, swelling customer numbers by 676,000.
Related companies
Make a complaint about British Gas by viewing their customer service contacts.
