ANOTHER big energy firm has announced bumper profits worth over a billion pounds.
EDF’s annual profits hit £1.12billion in 2022 – compared to a loss of £21million in 2021.
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The boosted profits come as the French energy giant sold its electricity generated at a higher price.
But EDF Energy, the UK’s domestic supply arm, lost £200million last year.
The UK’s arm of the French supplier serves over five million households and forms one of the UK’s “Big Six” energy firms.
Energy bills have soared since 2021 and UK suppliers have had to flog gas electricity at a lower rate than wholesale prices.
The government’s energy price guarantee (EPG), has frozen average bills at £2,500 a year.
The energy price guarantee will rise by a further £500 on April 1 – meaning a typical household on the standard variable tariff will end up paying £3,000 a year.
But as this is only an estimate for a typical household – if you use more energy you’ll pay more.
Luc Rémont, chairman and chief executive officer of EDF, said: “The 2022 results were significantly affected by the decline in our electricity output, and also by exceptional regulatory measures introduced in France in difficult market conditions.
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“Despite all the challenges, EDF actively focused on service and support for all its residential and business customers and made every endeavour to ensure the best generation fleet availability for the winter period.
“All the Group’s employees deserve praise for their dedication and great resilience in a difficult environment.”
British Gas owner, Centrica revealed its annual profits hit £3.3billion in 2022 yesterday – more than triple the £948million it made in 2021.
Centrica said it made operating profits of £72million at its British Gas retail division, British Gas Energy, but this was down 39% on the year before.
The energy giant revealed profits of $40billion (£32bn) – which works out at nearly $110million a day.
Meanwhile BP recorded the highest profits in its 114-year history at $28billion (£23billion) on February 7.
What help is available for energy bills?
Off the back of rising prices and squeeze on household incomes suppliers and the government have a number of initiatives in place to help households with their energy bills and the general cost of living.
Households should always talk to their energy supplier first – if they’re falling behind with payments there’s a lot they can do to help.
They might offer support such as a payment plan review, repayment plans or payment breaks.
Consider a hardship fund – your supplier may have access to charitable trusts and funds.
Contact them and ask to see what is available, though the application process is very in-depth.
Millions of households started receiving a £400 energy bill discount from October 1.
Households will have already received a £66 energy bill discount in October, November and £67 in December and January.
There will also be a payment worth £67 in February and March.
Between November 2022 and March 2023, a £300 one-off “Pensioner Cost of Living Payment” is being paid out to eight million households.
It is being given to those who already get the winter fuel payment – which is worth between £100 and £300 for those over state pension age.
This post first appeared on thesun.co.uk
