Centrica, the parent company of British Gas, has reportedly posted record profits despite a hike in energy bills. The company’s financial results have shown that it made a profit of £2.4 billion in 2021, which is a significant increase from the previous year.
The rise in profits has been attributed to higher gas and electricity prices, which have been driven up by a number of factors, including supply chain disruptions and increased demand due to colder weather. The price hikes have been particularly impactful in the UK, where energy bills have been rising rapidly.
Many customers have been left struggling to pay their bills, prompting calls for greater regulation of the energy market. The UK government has promised to cap energy prices, but this has yet to be implemented.
Critics have accused Centrica of profiteering at the expense of consumers, but the company has defended its pricing policies, arguing that they are necessary to cover rising costs and maintain a sustainable business model.
Overall, the issue of rising energy prices and profits is a contentious one, and it is likely to remain a topic of debate in the coming months and years.
Source credit: https://news.sky.com/story/profits-triple-at-british-gas-parent-company-12812171