Centrica, who own British Gas, have just announced operating profits for the first half of the year down 35%. It blames warmer weather.
Yeah. Right. It was soooooooooooooo warm in January, February, March… (The figures cover the six months to June). Positively balmy. Or do we mean barmy?
If people were spending less on fuel it reflects only one thing – that the cost of heating our homes has risen ridiculously. People would rather be cold than face sky high bills. The only people feeling comfortably cozy are the energy firms.
Energy regulator Ofgem is reported as estimating that ‘the big 6’ – British Gas, EDF, E.On, RWE, Scottish Power and SSE – will make a profit margin of 8% on average over the next year. It’s referred the industry to the Competition and Markets Authority(CMA), which is looking at how these companies operate, including rising bills, the service they deliver to customers and their profits.
According to Centrica’s chairman Rick Haythornthwaite: “We have continued our efforts to engage with our stakeholders, particularly our customers, working to restore their trust.”
It would appear that gas doesn’t just come out of pipes.
Read more
Centrica results official press release
More on the BBC News website
Ofgem wants CMA to investigate energy companies