British Gas owner Centrica’s profits soar as UK households face winter energy bill pain – business live | Business
Centrica profits soar in ‘most challenging energy crisis in living memory’
Profits have soared at British Gas’s parent company too, thanks to higher revenues from its oil, gas and nuclear assets, and the surge in commodity prices.
Centrica has reported adjusted operating profits of $1.34bn for the first half of this year, up from £262m in January-June 2021.
The increase in adjusted operating profit was primarily driven by the Upstream businesses, reflecting strong production and generation volumes and the impact of higher commodity prices.
Additionally, Energy Marketing & Trading managed the more volatile commodity price environment well and delivered higher adjusted operating profit
Centrica has reinstated its dividend, which it suspended after the Covid-19 pandemic began in 2020.
Chief executive Chris O’Shea says we are facing the most challenging energy crisis in living memory:
We’ve made significant progress de-risking the…