Thursday, February 16, 2023

Gas Profits Rise

 British Gas owner Centrica's full-year profits hit £3.3bn for 2022, more than triple the £948m it made the year before.

Centrica said it would extend its share buyback scheme, the money it returns to its shareholders, to £300m and also pay out a full-year dividend of 3p a share.

Unite general secretary Sharon Graham said Centrica had been "coining it in from our massive energy bills while sending bailiffs to prey on vulnerable consumers the length and breadth of the country".

TUC general secretary Paul Nowak said that the British energy market was "broken" and called for energy retail companies to be brought into public ownership.

Simon Francis, coordinator of the End Fuel Poverty Coalition, added the energy market was "failing consumers and is in desperate need of reform".

Paul Polman, former boss of consumer goods giant Unilever, told the BBC's Today programme that the profit margins were "definitely hard to ignore".

"We have to think about the balance between short-term greed and long-term need," he said.

British Gas owner Centrica sees profits soar as energy bills rise - BBC News

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