British Gas owner Centrica sparks fury as it reveals ‘obscene’ profits of more than £3bn for 2022

British Gas owner Centrica has sparked fury after tripling its underlying operating profits in 2022 to £3.3bn, up from £948m in 2021.

Energy firms have enjoyed record profits since oil and gas prices soared after Russia’s invasion of Ukraine, with mounting calls for a windfall tax to curb unreasonably high returns.

Politicians, environmentalists and charities denounced Centrica, Britain’s largest energy supplier, branding the results “obscene”, “scandalous” and a “betrayal for British Gas customers” who have seen their bills go through the roof.

Liberal Democrat leader Sir Ed Davey described the figure as “a betrayal for British Gas customers across the country who are struggling to keep their heating on”. Former Labour leader and shadow climate secretary Ed Miliband hit out at the Government for refusing to implement a proper windfall tax and allowing gas giants to “rake in the windfalls of war”.

Tom Marsland, policy manager at disability equality charity Scope, said: “It’s obscene that energy companies continue to make massive profits as disabled people face devastating situations because they can’t afford enough energy.

“We’re being inundated with heart-breaking calls from disabled people who haven’t eaten for days, who can’t afford energy to charge wheelchairs and stairlifts, but are still racking up huge energy debts… Many have been forced onto prepayment meters as a result, putting [their] lives and health in danger.

Trade union Unite criticised Centrica for “rampaging energy profiteering” while “sending bailiffs to prey on vulnerable consumers the length and breadth of the country”.

This comes after i exposed how courts are rubber-stamping hundreds of warrants allowing energy firms’ debt agents to forcibly enter the homes of vulnerable families to install prepayment meters.

Mounting pressure on MPs following i‘s reporting, coupled with an undercover investigation by The Times which found that contractors acting on behalf of British Gas were forcing entry into homes, sparked energy companies into suspending all prepayment warrant activity.

Underlying operating profits for Centrica, stripping out its Spirit Energy businesses which were sold, jumped to £2.8bn from £392m the previous year.

The majority of Centrica’s profits came from the nuclear, oil and gas side of the business, rather than the British Gas retail division, which contributed to £72m of the £3.3bn profit.

This was down 39 per cent on the year before, largely due to “voluntary donations made to support customers” and the repayment of furlough loans it received during the pandemic, said the group.

Centrica cannot sell gas more cheaply through British Gas because competition rules prevent it from offering cheaper prices on the gas it produces to its own retail customers than to others.

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Sir Ed said: “This is a betrayal for British Gas customers across the country who are struggling to keep their heating on. Once again the Government’s failure to implement a proper windfall tax is allowing oil and gas businesses to make billions off the back of hardworking families.

“What makes this worse is that thousands of families have had their homes broken into and prepayments forcibly installed because they could no longer afford to pay their sky-high bills.

“This cannot continue. Liberal Democrats are calling for the Conservatives to finally bring in a proper windfall tax and the cancellation of Government plans to increase energy bills by £500 in April.”

Friends of the Earth echoed calls for a tougher windfall tax on “the excessive profits of fossil fuel companies like Centrica”, which it said should be used “to help fund the investment in insulation and homegrown renewables needed to bring down bills and cut emissions”.

Dr George Dibb, head of the Centre for Economic Justice at IPPR, a left-leaning think tank, said: “These scandalous profits are undeserved and come directly from the pocket of bill-payers.

“These profits, which are then being transferred directly to shareholders via buybacks and dividends, are a direct transfer away from bill-payers during a cost of living crisis.”

Unite union general secretary Sharon Graham accused Centrica of “coining it in” from customers “massive” energy bills. “These energy companies are showing us everything that is wrong with the UK’s broken economy,” Ms Graham said.

“Rishi Sunak should get a grip – pull the plug on rampaging energy profiteering, impose a meaningful, tough windfall tax and give the NHS a pay rise with the proceeds.”