British Gas: £969m record profit amid price cap increase

The UK’s largest energy supplier, has announced its highest ever first-half profits, marking a significant surge of almost 900% compared to the same period last year

British Gas, the UK’s largest energy supplier, has reported a profit of £969 million for the first half of 2023.

This figure represents an extraordinary surge of nearly 900% compared to the same period last year when the profit was £98 million.

British Gas Energy’s working capital outflow of £1.6 billion is attributed to government support scheme payment timing and seasonal price changes. 

A few days ago, Energy Live News reported that British Gas is poised to reach its highest-ever first-half profits.

The company is benefitting from a substantial boost resulting from Ofgem‘s decision to raise allowances for suppliers.

Chris O’Shea, Centrica Group Chief Executive, said: “Nothing is more important than delivering for our customers – it’s why we are here. Today’s results allow us to increase our customer support package to more than £100 million, and the new green investment strategy we’ve announced will see us invest several billion pounds in the energy transition, creating thousands of new well-paid jobs.

“Our robust balance sheet has allowed us to invest heavily in the UK and Ireland’s energy security and will make sure that our customers have cleaner energy at the right price.”

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