Energy supplier, British Gas, has reported a record £969million profit in the first six months of 2023, even despite many vulnerable customers being forced into fuel poverty during the energy crisis. The news comes after a Ofgem’s energy price cap increase. Stay there for more info on that, coming right up.
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00:00 The UK's biggest energy supplier, British Gas, has reported its highest ever first half
00:06 profits of almost £1bn. The news has angered consumer groups that have campaigned over
00:11 treatment of vulnerable customers as record energy market prices forced millions into
00:16 fuel poverty. This profit is up nearly 900% from the £98m made in the same period last
00:22 year. The profit boom is largely thanks to a tweak to regulator Ofgem's energy price
00:27 cap that allows the supplier to recoup some of the costs of supplying its 10m customers
00:32 during the energy crisis. The supplier's FTSE 100 listed parent company, Centrica,
00:38 reported a profit of £6.5bn compared to the £1.1bn lost in the same months last year.
00:44 Chris O'Shea, Centrica chief executive, said the windfall profits would be used to
00:49 increase the supplier's customer support package and invest several billion pounds
00:53 in the energy transition. Orshay said we are doing more than any other UK energy company.