British Gas profits up 31%

18 February 2016

British Gas guide Ôjargon free' Sit yourself down, as there's some shocking news that you'll barely believe - profits at British Gas have risen by 31% to £574 million, for the 12 months to 31st December.

Who would have ever thought that an energy company would've made such a massive profit, eh?

In the same period last year, British Gas made £439m. Is this because they're over-charging people? According to the company, it is because everyone used more energy. Handy that.

Now, over at the parent company, Centrica, profits actually fell by 12% (to £1.46bn) thanks to the fall in wholesale gas prices.

Of course, British Gas announced that they were cutting their prices by 5.1%, being the last of the Big Six to get around to doing it after EDF, E.On, Npower, SSE, and Scottish Power did the same thing.

This follows the news that the Competition and Markets Authority (CMA) are investigating the energy companies that trade in the UK, mainly over how much they've been charging everyone. The CMA have a rough estimate that consumers have collectively overpaid by £1.2bn a year between 2009 and 2013.

TOPICS:   Utilities

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