Feb 16, 2023
British Gas owner Centrica sees profits soar as energy bills rise
British Gas owner Centrica has posted huge profits after energy prices soared last year. Energy firms have seen record earnings since oil and gas prices jumped following Russia's invasion of Ukraine. The majority of the bumper profits came from Centrica's nuclear and oil and gas business, rather than from the British Gas energy supply business, which contributed £72m out of the £3.3bn profit. The overall profit figure also included the sale of Spirit Energy's Norwegian and Statfjord UK oil and gas assets in May. Pressure has been heaped on energy firms to pay more tax in the UK as a result of their large profit margins, with households being hit with higher electricity and gas bills. Centrica said British Gas Energy profits had decreased by 39% compared with 2021's levels, which was largely down to "Voluntary donations made to support customers" and the repayment of furlough funds it received during the height of Covid.
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