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21/02/2008
British Gas Profits Rocket To £571m
British Gas profits soared by 500% to £571m last year, a massive rise from £95m in 2006.
Its owner, Centrica, reported a 40% increase in year profit, up to £1.95bn from £1.39bn.
The figures look certain to generate an outcry from consumer groups, which saw gas and electricity prices increase on average by 15%.
The news comes just weeks after British Gas hit around 13 million customers with energy bill hikes.
At the time it announced the price increases British Gas blamed higher wholesale energy prices and said that, without the rise, if wholesale prices stayed at the current level, it would make a loss on the residential operations in 2008.
Centrica Chief Executive Sam Laidlaw said the rise had "created a much more difficult environment for all energy retailers in the UK towards the end of 2007 which materially impacted margins in the residential supply business".
Adam Scorer, energywatch Director of Campaigns, said: "No-one is going to argue that energy companies don't need to make a profit.
"However, British Gas customers will want to tear their hair out when they hear the scale of these profits and compare them with their own rising bills."
He added: "It is perfectly true that there is volatility in wholesale energy markets. But it seems equally true that such volatility hits consumers not shareholders. Consumers will feel justified in claiming that they are being taken for a very rough ride by energy companies."
(CD/JM)
Its owner, Centrica, reported a 40% increase in year profit, up to £1.95bn from £1.39bn.
The figures look certain to generate an outcry from consumer groups, which saw gas and electricity prices increase on average by 15%.
The news comes just weeks after British Gas hit around 13 million customers with energy bill hikes.
At the time it announced the price increases British Gas blamed higher wholesale energy prices and said that, without the rise, if wholesale prices stayed at the current level, it would make a loss on the residential operations in 2008.
Centrica Chief Executive Sam Laidlaw said the rise had "created a much more difficult environment for all energy retailers in the UK towards the end of 2007 which materially impacted margins in the residential supply business".
Adam Scorer, energywatch Director of Campaigns, said: "No-one is going to argue that energy companies don't need to make a profit.
"However, British Gas customers will want to tear their hair out when they hear the scale of these profits and compare them with their own rising bills."
He added: "It is perfectly true that there is volatility in wholesale energy markets. But it seems equally true that such volatility hits consumers not shareholders. Consumers will feel justified in claiming that they are being taken for a very rough ride by energy companies."
(CD/JM)
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31 July 2008
Centrica Posts £1 Million In Profits - To Consumers Anger
British Gas owner Centrica has posted half-year profits of almost £1 billion - much to the anger of consumer groups. Centrica maintain that it has been "absolutely necessary" to raise household gas prices as profits were down 20% in the first six months of this year to £992 million - down from £1.23 billion in 2007.
Centrica Posts £1 Million In Profits - To Consumers Anger
British Gas owner Centrica has posted half-year profits of almost £1 billion - much to the anger of consumer groups. Centrica maintain that it has been "absolutely necessary" to raise household gas prices as profits were down 20% in the first six months of this year to £992 million - down from £1.23 billion in 2007.
09 September 2005
Gas and electricity prices to rise by over 14%
British Gas prices are set to rise by 14.2% for residential customers later in September. The company blamed the increase on soaring oil and gas prices. The rise follows on recent similar price hikes by Powergen and EDF Energy. The company said that the 14.
Gas and electricity prices to rise by over 14%
British Gas prices are set to rise by 14.2% for residential customers later in September. The company blamed the increase on soaring oil and gas prices. The rise follows on recent similar price hikes by Powergen and EDF Energy. The company said that the 14.
04 February 2010
Energy Supplier Slashes Gas Price
British Gas has today cut its standard gas prices by an average 7%. The price cut, which will benefit 8 million households, takes effect immediately and makes British Gas, on average, the cheapest supplier of standard gas and electricity right across Britain - no matter which way customers choose to pay.
Energy Supplier Slashes Gas Price
British Gas has today cut its standard gas prices by an average 7%. The price cut, which will benefit 8 million households, takes effect immediately and makes British Gas, on average, the cheapest supplier of standard gas and electricity right across Britain - no matter which way customers choose to pay.
12 October 2012
British Gas Price Rise
British Gas is to hike its domestic gas and electricity prices by an average of 6% on 16 November 2012. As a result, annual dual fuel bills for British Gas customers with average consumption will increase by around £80. British Gas knows that this £1.
British Gas Price Rise
British Gas is to hike its domestic gas and electricity prices by an average of 6% on 16 November 2012. As a result, annual dual fuel bills for British Gas customers with average consumption will increase by around £80. British Gas knows that this £1.
13 January 2011
British Gas Invests For Vulnerable Customers
British Gas have announced that it is making a new investment of £37 million in support for its vulnerable customers. Each customer on British Gas' Essentials social tariff will receive £50 as a credit on their winter bill. Prepayment customers will receive the credit direct to their meter.
British Gas Invests For Vulnerable Customers
British Gas have announced that it is making a new investment of £37 million in support for its vulnerable customers. Each customer on British Gas' Essentials social tariff will receive £50 as a credit on their winter bill. Prepayment customers will receive the credit direct to their meter.
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