British Gas: Anger as energy bill change leads to record profits

Anger erupts as British Gas announces record half-year profits while many households struggle to afford energy costs.

With profits reaching £969m, price cap increases contributed significantly to their financial gains.

Ofgem claims the profits are a “one-off” due to regulatory changes.

However, poverty campaigners view these profits as evidence of a broken energy system in the UK.

Approximately half of the profit came from adjustments made to the price cap by the energy regulator.

During the pandemic, Ofgem raised the allowance for suppliers to cover their incurred costs from household bills.

Simon Francis, coordinator of the End Fuel Poverty Coalition, said: “At a time when household energy debt is spiralling to record levels and energy bills remain double what they were just a few years ago, the profits posted will be greeted with disbelief by those struggling through the crisis.

“There will of course be questions about how these profits were made, but the reality is that energy firms are operating on a playing field set by the government.”