British Gas Profit Hike

Commenting on news that Centrica, physician the parent company of British Gas, reported an adjusted operating profit of £2.7bn for 2012, up 14% from 2011, Chair of the NRFC Hugh Goulbourne said:

“It is disappointing to see British Gas reveal a £606 million profit from its residential services arm when they raised their prices by 6% (above the level of inflation) earlier this winter citing increased costs. Hard-pressed families, many already in fuel poverty, will find this a difficult announcement to accept as they continue to struggle to heat their homes during this unusually cold winter.
 
Centrica Chief Executive Sam Laidlaw claims that it is important they make a profit to continue to invest in new energy infrastructure, yet the British Government already heavily subsidises the development of new nuclear and renewable energy sources. The energy companies cannot have it both ways.

With the energy regulator Ofgem recently predicting ever increasing fuel costs in the future, it is vital that British Gas now reinvests this money into energy efficiency measures which can reduce our energy usage and households fuel bills”.