Aug 24, 2022

British Gas to donate 10% of profits to help cut bills

British Gas's offer comes as the next energy price cap - which limits what suppliers can charge per unit of energy in England, Scotland and Wales - is set to be announced on Friday. Energy firms are also under pressure to help after many posted soaring profits this year, due to record high energy prices driven by Russia's invasion of Ukraine. The latest offer of support will based on British Gas's retail supply profits, which were just £98m.The firm, which is Britain's leading energy supplier, serving more than nine million homes, said it had made an immediate donation of £12m to its Energy Support Fund. Scottish Power have estimated the cost of shielding customers from increasing wholesale energy costs at £100 billion. Her rival, Rishi Sunak, has said he would introduce more targeted support for households, and has promised to reduce VAT on domestic energy bills from 5% to zero.

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