BRITISH GAS OWNERS CENTRICA REPORT RECORD PROFITS £3.3bn Was Recorded At The Company, Up From £948m In 2021
Centrica, the company that owns British Gas, has reported record profits for the 2022 financial year.
Operating profits of £3.3bn were recorded at the company, up from £948m in 2021, and surpassing the firm’s previous highest ever yearly profit of £2.7bn, posted in 2012.
Profit at the oil and gas producer has been helped by high energy prices. Wholesale gas costs had risen to new highs in the wake of the Russia-Ukraine war.
Supplies have been limited since it began, and the subsequent sanctions imposed on the country.
But the financial performance at British Gas itself was not as strong as its parent company.
Adjusted operating profit decreased to £72m in 2022 from £118m 2021 – a 39% decline.
At the same time the company had an increase in its number of residential customers. There were 7.5 million customers, up 4% from the previous year. The government estimated that its windfall tax will raise £14bn in 2023.