British Gas profits jump 24 per cent after cold snap
Business digest: Parent company Centrica records an operating profit of £2.4bn
Centrica, the energy company that owns British Gas, has reported operating profits of £2.4bn for 2010, an increase of 24 per cent on 2009.
And last year's cold snap helped boost British Gas's operating profits by 24 per cent to £742m. The freezing weather led to a significant increase in gas and electricity consumption.
British Gas has a 42 per cent share of the UK market and pushed up energy bills by seven per cent in early December. Its parent company blamed the price hikes on wholesale prices.
But the huge profits have led to calls for the energy regulator Ofgem to refer to the entire sector to the Competition Commission.
Centrica also announced that it would create 2,600 jobs in 2011 and spend £15 billion on investment between now and 2020.
Read a full report at the Independent. ·