‘Slap in the face’ Fury as British Gas owner Centrica’s profits soar as prices surge

Julia Hartley-Brewer says gas companies are ‘profiteering’

The adjusted operating profit for the six months to the end of June is up from £262million in the same period last year. The company also revealed that it would start paying dividends to shareholders for the first time since 2020.

It comes amid warnings the energy price cap could hit an eyewatering £3,850 next year, while Russia tightens the flow of gas into Europe.

The bumper rise is from Centrica’s nuclear and oil and gas business, rather than from British Gas which reported an adjusted operating profit of £98million, down 43 percent compared with the same period a year ago

However the announcement sparked fury as households are struggling in the face of rocketing energy prices amid the cost of living crisis. 

London Mayor Sadiq Khan tweeted: “British Gas declaring a five-fold increase in profit is yet another slap in the face to hard-working Londoners.

It comes as households are grappling with the cost of living crisis (Image: GETTY)

“The Government must urgently get control of this crisis.”

Labour MP Lloyd Russell-Moyle raged: “This is not ‘profits’ this is theft from the British people.

“Each penny of this should be returned with immediate effect.

“People will starve this winter, but the Government’s failed energy cap (which is as good as a chocolate teapot) and energy company greed has led to this.

“This is not the ‘global energy price’. 75 percent of our energy is domestically produced, the cost of production has not increased.”

Labour’s Jon Trickett added: “Centrica/British Gas profits up by 411 percent to £1.34billion.

“Shareholders are laughing all the way to the bank whilst workers and consumers suffer.

“There’s a clear solution with public support: Kick out the profiteers, take energy into public ownership for the benefit of all.”

Meanwhile, former Energy UK chief Angela Knight told TalkTV there was a “big question mark over those making extraordinary profits from an extraordinary world situation”.

Asked if he should use some of the bumper sum to help people facing bills of almost £4,000 from January, Centrica’s chief executive Chris O’Shea said that by running British Gas prudently he is saving customers more money.

He added: “I know it’s difficult to see the word profits, or dividends, or similar words when people are having a tough time. I’m very conscious of this.

“Bear in mind, over the next couple of years we are expecting to pay a windfall tax of probably well over £600million on our UK gas business off the back of the profits that we’re seeing, so a lot of this is going back into society.”