Centrica, the company that owns British Gas, has reported record profits for the 2022 financial year.
Operating profits of £3.3bn were recorded at the company, up from £948m in 2021, and surpassing the previous highest ever yearly profit of £2.7bn, posted in 2012.
Profit at the oil and gas producer has been helped by high energy prices. Wholesale gas costs had risen to new highs in the wake of the war in Ukraine as supplies were limited due to Russia’s war in Ukraine and the subsequent sanctions imposed on the country for its invasion.
As political pressure rose to tackle all time high profits Centrica became subject to the 45% windfall tax on electricity generators.
British Gas came under intense criticism after an investigation revealed debt collectors working on behalf of the company forced their way into homes of vulnerable customers, including people with disabilities.
Addressing the issue, the annual report said protecting vulnerable customers is a priority they have committed to donate 10% of both British Gas Energy and Irish operator Bord Gáis adjusted operating profits “to help until the current crisis is over”.
“Therefore, we were extremely disappointed by the allegations surrounding one of our third-party contractors and their approach to pre-payment customers. We immediately took action to address this and are completing a thorough independent investigation.”
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The financial performance at British Gas was not as strong as it’s parent company.
Adjusted operating profit decreased to £72m in 2022 to £118m 2021 – a 39% decline.
At the same time the company had an increase in its number of residential customers. There were 7.5 million customers, up 4% from the previous year.
