'This beggars belief': Anger as British Gas owner's profits soar after £500m boost from Ofgem energy price cap
manchestereveningnews.co.ukBritish 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.
Centrica, the company's owner, said underlying earnings at its gas and electricity supply arm leaped 889% to £969 million in the six months to June 30 from £98 million a year earlier.
It said the result was buoyed as Ofgem’s price cap in the first half of the year allowed it to recoup losses seen a year earlier - to the tune of around £500 million.
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. Try MEN Premium for FREE by clicking here for no ads, fun puzzles and brilliant new features. On an underlying basis, operating profits rose to £2.1 billion from £1.3 billion a year ago.
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