British Gas owner reports record profits of £3.3bn amid energy crisis

British Gas owner Centrica has posted huge profits as energy prices soared last year.

Centrica’s full-year, adjusted EBITDA profits hit £3.3 billion for 2022, more than triple the £1.04 billion it made the year before.

The energy giant reported an adjusted operating profit of £2.8 billion – considered the biggest profit in the company’s history.

Several energy giants, including Shell and bp have seen record earnings since oil and gas prices jumped following Russia’s invasion of Ukraine.

Today’s financial report comes after British Gas was criticised over its use of debt agents to force-fit prepayment meters in vulnerable customers‘ homes.

Following the Times investigation, the boss of British Gas owner said “there is no excuse” after prepay meters were forced on vulnerable people – at the same time, Ofgem launched an urgent investigation into British Gas following the allegations.

Chris O’Shea, Centrica Group Chief Executive, said: “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. We invested £75m in supporting our energy customers in 2022, which was greater than the £8 post-tax profit per customer earned by British Gas Energy.

“Whilst customers may see some relief given recent easing of prices, it remains clear that some will continue to need help and we will do what we can to support them in the year ahead.”

Responding to the news that British Gas owner Centrica made record profits of £2.8 billion in 2022, Sana Yusuf, Climate Campaigner at Friends of the Earth, said: “Another set of bumper profits from one of the companies fuelling the energy and climate crises will no doubt spark further outrage as millions of people struggle to pay their bills and face a drop in government support from April.

“The new Energy Security and Net Zero Secretary needs to step up and back growing calls for a tougher windfall tax on the excessive profits of fossil fuel companies like Centrica to help fund the investment in insulation and homegrown renewables needed to bring down bills and cut emissions.”