Experts say oil and gas prices spiked after Russia’s invasion of Ukraine, leading to higher profits for energy companies, but consumers were hit particularly hard by rising prices. Oil companies Shell and BP, for their part, also posted record profits this year.
British Gas achieved record profits last year, totaling £3.3bn, significantly improving on 2021 performance, when it posted some £948m in 2021.
The announcement of these figures sparked outrage among activists following an investigation by the Times newspaper, where company employees tried to pressure consumers in homes of vulnerable people to force the installation of prepaid meters in homes of vulnerable customers.
In addition, various consumer rights groups have also urged governments to increase support for low-income families.
According to the BBC, the charity End Fuel Poverty Coalition said the energy market is failing consumers and is in desperate need of reform.
While Unite labor union general secretary Sharon Graham said Centrica had been “taking advantage of our massive energy bills, while sending bailiffs to prey on vulnerable consumers across the country.”
In turn, Trades Union Congress General Secretary Paul Nowak called for public ownership of energy companies, saying: “While millions of families struggle to heat their homes, companies like Centrica are making monstrous profits.”
The UK’s independent energy regulator Ofgem announced an 80% increase in the gas and electricity tariff cap since October last year.
For this reason, former British Prime Minister Liz Truss froze gas and electricity rates for households for two years, but the new government reduced that limit to April of this year.
Source: Ambito
