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British Gas profits double but prices will still rise
Frosty winter helps British Gas to £585m half-year profits
British Gas appears to have reaped the benefits of Britain’s coldest winter in 50 years, as well as stable wholesale gas prices, announcing today that its first-half profits have doubled to £585 million.
The company, which supplies gas to more than half of the country’s households, benefited from customers using eight per cent more gas and three per cent more electricity than in the previous year.
By being the first major supplier to lower tariffs in February, it also managed to add an extra 223,000 customers.
Despite this, Nick Luff, finance director of parent company Centrica, warned that utility bills are set to rise as a result of the increase in wholesale energy costs.
Read more at BBC News
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