British Gas owner under fire after profits increase ten-fold in single year to £750million amid cost-of-living crisis

THE owner of British Gas is under fire after its profits increased ten-fold in a single year to £750million.

The supplier said the huge jump from £72million in 2022 was down to the regulator Ofgem raising the price cap.

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In total, the retail arm of Centrica — which is mostly made up of British Gas — made £799million, up from £94million a year earlier.

Centrica said that, along with other energy firms, it was allowed to recoup some costs incurred during the energy crisis.

That added £500million to British Gas’ bottom line.

Meanwhile, official figures revealed more than three ­million households are in fuel poverty — and would have been 500,000 higher without Government support for some hard-pressed families.

Fiona Waters, of campaign group Warm This Winter, blasted British Gas’ “obscene” profits that “epitomize rip-off Britain.”

She said: “Millions are living in cold, damp homes as they cannot afford to pay energy bills.”

Ofgem said “reasonable” profits are vital for sustainability, service and innovation.

Centrica boss Chris O’Shea said: “The poorest in society are struggling but it’s not just the energy, it’s rent, mortgages and food.”

This post first appeared on thesun.co.uk