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Profits rise at British Gas

Profits rise at British Gas

Category: Gas and electricity

Updated: 27/02/2013
First Published: 27/02/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

British Gas has announced its annual profits from residential energy supply grew to £606 million during last year, up by 11% from 2011.

The energy provider also confirmed that profits rose by 16% to £312 million within its residential services unit, responsible for maintenance services such as fixing boilers.

The news will reignite anger amongst many consumers who have been hit hard by increases to their energy tariffs this winter. All of the six major energy providers in the UK hiked up their energy prices in October and November last year, with British Gas increasing its electricity and gas costs by 6%.

Prime Minister David Cameron waded into the energy price debate following the series of increases, stating that all providers should be forced to automatically place customers on the cheapest rates possible.

British Gas declared that its rise in profits was a result of increased energy use by households over the winter months as temperatures plummeted, despite figures suggesting that seven in ten UK households (69%) resorted to having no heating at some point this winter in an effort to save money.

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