British Gas owner Centrica sees profits soar as energy bills rise

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British Gas owner Centrica sees profits soar as energy bills rise
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The energy firm's profits surged after oil and gas prices jumped as a result of the war in Ukraine.

British Gas owner Centrica has posted huge profits after oil and gas prices soared last year, sparking renewed calls for energy firms to pay more tax.Energy firms have seen record profits since oil and gas prices jumped after Russia invaded Ukraine.

Paul Polman, former boss of consumer goods giant Unilever, told the BBC's Today programme that recent profits at energy firms were "definitely hard to ignore".'Donations to support customers' Of that, it confirmed about £54m was paid as result of the windfall tax - called the Energy Profits Levy - which was introduced by the government last year to recoup some of the "extraordinary" earnings made by firms and help fund lower gas and electricity bills for households.

Simon Francis, coordinator of the End Fuel Poverty Coalition campaign group, added the energy market was "failing consumers and is in desperate need of reform". But he said the company had "been able to provide much needed stability and support" and had "invested £75m in supporting our energy customers in 2022".

But taken as a whole people will see a company swimming in cash while hiring debt collection agencies to break into struggling households to fit prepayment gas meters which many will be unable to afford to top up - prompting understandable anger.

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