British Gas owner Centrica’s profits have fallen sharply from record highs during the energy crisis, as Britain transitions to a 'more normalised' gas and electricity market. It said around £500million of the fall was due to the absence this year of energy crisis allowance payments. Energy companies have come under fire from consumer groups for their outsize profits in the wake of the energy crisis. O’Shea added that he hopes the UK’s new state-owned energy investment firm, GB Energy, could be an investment partner to Centrica on some projects in future. While other suppliers were squeezed by the energy crisis, Centrica’s wholesale operation meant it was a direct beneficiary of an increase in oil, gas and electricity prices.

Source: Daily Mail July 25, 2024 11:19 UTC