British Gas owner Centrica profits increase five-fold to £1.34 billion as millions face fuel poverty

“We need action now.”

British Gas owner Centrica’s profits have increased five-fold to £1.34 billion, as energy bills soar and millions of families live in fuel poverty across the country.

Centrica’s record profits for the first six months of 2022 are five times the amount from the same period last year of £262m.

Oil company Shell also reported record profits of $11.5bn, doubling its earnings in a single year amid surging energy prices.

The record profits come amid a cost of living crisis driven by soaring energy bills, with more than 8 million households, one in three in the UK – expected to be in fuel poverty following October’s price cap increase, according to National Energy Action (NEA) – the national fuel poverty charity.

Meanwhile British households face annual energy bills of £3,850, three times what they were paying at the start of 2022.

News of the record profits while millions struggle was met with much backlash.

Reacting to the news, LFF columnist Prem Sikka tweeted: “British Gas owner Centrica profits increase five-fold to £1.34bn

“Household bills rocket.

“Cost of producing energy hasn’t changed substantially, selling price has.

“Must end corporate profiteering.

“Nationalize energy, limit price rise to inflation.”

Labour MP Kate Osborne tweeted: “British Gas owner Centrica has seen a 5 x increase of profits to £1.34 billion.

“Yet we are paying 3x more than they were this time last year (annual bills of £3,850!)

“We need action now.”

The Trades Union Congress tweeted: “British Gas owner Centrica has just posted £1.34 billion profit in the first six months of this year.

“This is a FIVE times increase on last year.

“Time to take energy companies into public ownership.”

Basit Mahmood is editor of Left Foot Forward

As you’re here, we have something to ask you. What we do here to deliver real news is more important than ever. But there’s a problem: we need readers like you to chip in to help us survive. We deliver progressive, independent media, that challenges the right’s hateful rhetoric. Together we can find the stories that get lost.

We’re not bankrolled by billionaire donors, but rely on readers chipping in whatever they can afford to protect our independence. What we do isn’t free, and we run on a shoestring. Can you help by chipping in as little as £1 a week to help us survive? Whatever you can donate, we’re so grateful – and we will ensure your money goes as far as possible to deliver hard-hitting news.