British Gas profits surge.

  • meldrewreborn's Avatar
    Level 91
    Apparently profits at BG are up from £75M to £751M, because the regulator, OFGEM, increased the allowable profit suppliers could make under the price cap to better compensate them for taking on additional customers under the SOLR processes back in 2021/22. Doubtless other suppliers will be reporting higher profits

    That being the case, eventually that will drop out of our bills leading to lower prices. But I'm sure there will be those who think this all totally un fair and unreasonable at this very moment. The trouble is there is never a good time.

    I learnt something though - BG has 4 nuclear power stations, I had thought EDF had them all.
    Current Eon Next customer, ex EDF, Zog and Symbio. Don't think dual fuel saves money and don't like smart meters. Chronologically Gifted. If I offend let me know by private message, but I’ll continue to express my opinions nonetheless.
  • 1 Reply

  • retrotecchie's Avatar
    Level 92

    According to BBC Business:

    The supplier said the jump from £72m in 2022 was due to regulator Ofgem allowing it to recover losses of £500m it racked up in the aftermath of Russia's invasion of Ukraine.

    While oil and gas firms made record profits when energy prices spiked, suppliers that took on the customers of bust retailers made hefty losses. Centrica, British Gas's parent company, said its profits fell by 17% to £2.8bn.
    Don't shoot me, I'm only the piano player. I DON'T work for or on behalf of EON.Next, but am willing to try and help if I can. Not on mains gas, mobile network or mains drainage. House heated almost entirely by baby dragons.