Centrica, the parent company of British Gas, has announced record profits of £3.3 billion in the past 12 months. This is a sharp increase from the previous highest-ever yearly profit of £2.7 billion, posted in 2012 and more than triple the £948 million the energy giant made the year before. The surge in profits is largely attributed to increased energy prices due to the war in Ukraine and the subsequent sanctions imposed on the country.
Chris O’Shea, Group Chief Executive, commented: ‘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.’
In response to the rising energy costs, Centrica invested £75 million in supporting their energy customers in 2022, which was greater than the £8 post-tax profit per customer earned by British Gas Energy. Although prices have eased recently, many customers are still struggling with bills and Centrica is committed to providing as much help and support as possible.