British Gas owner Centrica triple profits to £3.3 billion

British Gas owner Centrica operating profits have tripled to £3.3 billion, up from £948 million in 2021.

The news comes after a recent headline scandal when the company forcibly installed pre-payment meters into vulnerable people’s homes

In the previous year underlying earnings for the group jumped to £2.8 billion from £392 million, after subtracting its other Spirit Energy businesses sold in March 2022.

Chris O’Shea, group chief executive, said: “Our performance in 2022 demonstrates the benefits of our balanced portfolio and our strong balance sheet.

“The energy crisis and cost of living pressures have created a challenging environment for customers and communities, but we have been able to provide much needed stability and support”.

Last year’s hefty profits in the sector have sparked outrage and increased demands for greater windfall taxes.

Liberal Democrat leader Sir Ed Davey 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 British Gas 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.”

The controversial gas giant Centrica was subject to an urgent inquiry by regulator Ofgem after it came under fire for its use of debt collectors to install expensive pre-payment meters by force in the homes of vulnerable cash-strapped customers.

As a result of the inquiry, Centrica has been banned from force-fitting pre-payment meters, and the company forced to released its earnings haul for last year.

Unite union general secretary Sharon Graham said: “British Gas owner Centrica has been coining it in from our massive energy bills while sending bailiffs to prey on vulnerable consumers the length and breadth of the country.

“These energy companies are showing us everything that is wrong with the UK’s broken economy.

“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.”

Story source ITVnews