'This beggars belief': Anger as British Gas owner's profits soar after £500m boost from Ofgem energy price cap
British Gas' owners has reported that its earnings have soared by almost 900% following a £500 million price cap boost - as critics have slammed the latest figures.
The price cap saw customers' bills limited to £2,500 a year under the Energy Price Guarantee. Overall, Centrica swung to a £6.5 billion operating profit in the first six months of the year against operating losses of £1.1 billion a year earlier.On an underlying basis, operating profits rose to £2.1 billion from £1.3 billion a year ago.
But Wednesday’s update comes at a sensitive time – with households and businesses continuing to face high energy bills and widespread cost pressures. Simon Francis, co-ordinator of the End Fuel Poverty Coalition, said: “These profits are a further sign of Britain’s broken energy system.
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