British Gas owner Centrica has reported operating profits of £3.3 billion, up from £948 million in 2021

[Social Media]

British Gas owner Centrica has seen its profits soar to more than £3 billion for 2022 amid rocketing energy prices that have sparked a cost-of-living crisis.

The energy giant reported underlying operating profits of £3.3 billion against profits of £948 million in 2021.

Chris O'Shea, group chief executive, said: “Our performance in 2022 demonstrates the benefits of our balanced portfolio and our strong balance sheet.

"The energy crisis and cost of living pressures have created a challenging environment for customers and communities, but we have been able to provide much needed stability and support”.

Underlying earnings for the group jumped to £2.8 billion from £392 million the previous year, after subtracting its Spirit Energy businesses which were sold in March 2022.

Centrica said it made operating profits of £72 million at its British Gas retail division, British Gas Energy, but this was down 39% on the year before.

[Social Media]

I think this is outrageous !

 

People are having to choose between "eat or heat" in some cases, meanwhile these companies are trebleing their profits.

 

 

[Chomper Higgot]

While forcing entry into people’s homes to install prepayment meters that operate a significantly higher tariff.

[Mac Mickmanus]

British gas actually made 72 Million GDP profit , which is about 3 Pound per household .

   Headline could be "British gas makes three Pounds profit from each household per year"

[Chomper Higgot]

6 hours ago, Mac Mickmanus said:

British gas actually made 72 Million GDP profit , which is about 3 Pound per household .

   Headline could be "British gas makes three Pounds profit from each household per year"

The headline is correct.

[puchooay]

20 hours ago, Chomper Higgot said:

While forcing entry into people’s homes to install prepayment meters that operate a significantly higher tariff.

 

7 hours ago, Chomper Higgot said:

The headline is correct.

The headline maybe correct but you linking it to those installing prepayment meters is not.

[Chomper Higgot]

2 hours ago, puchooay said:

 

The headline maybe correct but you linking it to those installing prepayment meters is not.

So no part of the profit comes from higher tariff pre-payment meters?

 

Forcing entry to install pre-payment meters is amongst the business practices Centrica has engaged in while racking up these vastly increased profits.

 

I’m sure they appreciate you defending them and their abusive practices.

Edited February 17, 2023 by Chomper Higgot

[puchooay]

34 minutes ago, Chomper Higgot said:

So no part of the profit comes from higher tariff pre-payment meters?

 

Forcing entry to install pre-payment meters is amongst the business practices Centrica has engaged in while racking up these vastly increased profits.

 

I’m sure they appreciate you defending them and their abusive practices.

Incorrect.

 

I believe it is British Gas that were responsible for that.

[mrbojangles]

On 2/16/2023 at 6:04 PM, Black Ops said:

I think this is outrageous !

 

People are having to choose between "eat or heat" in some cases, meanwhile these companies are trebleing their profits.

 

 

Tis good news for me though. Share price has doubled since I bought into them and an ok divi announced.

[Chomper Higgot]

1 hour ago, mrbojangles said:

Tis good news for me though. Share price has doubled since I bought into them and an ok divi announced.

The profits of somebody else’s misery, well done.

[Chomper Higgot]

2 hours ago, puchooay said:

Incorrect.

 

I believe it is British Gas that were responsible for that.

And they remit profits to Centrica.

[youreavinalaff]

18 minutes ago, Chomper Higgot said:

The profits of somebody else’s misery, well done.

And there lies the problem with left wingers.

 

Having a go at someone taking financial chances by being a shareholder when, instead of complaining, they could invest themselves.

 

Still, good for a laugh.

[youreavinalaff]

20 minutes ago, Chomper Higgot said:

And they remit profits to Centrica.

Did you accuse Centrica of something they didn't do? Oh dear. An unsubstantiated claim. 

[Chomper Higgot]

2 hours ago, youreavinalaff said:

And there lies the problem with left wingers.

 

Having a go at someone taking financial chances by being a shareholder when, instead of complaining, they could invest themselves.

 

Still, good for a laugh.

Or.

 

essential utilities should be run as a service, not for profit with the result  people can’t afford to hear their homes.

[youreavinalaff]

19 minutes ago, Chomper Higgot said:

Or.

 

essential utilities should be run as a service, not for profit with the result  people can’t afford to hear their homes.

If there is no profit there is no future. 

 

 

[Chomper Higgot]

6 minutes ago, youreavinalaff said:

If there is no profit there is no future. 

 

 

Hogwash.

 

The Police service, military , lifeboat service, national highways are examples of zero profit services ( there are many others) that will be around as long as there is a UK nation.

 

None turn a ‘profit’.

 

Edited February 17, 2023 by Chomper Higgot

[Mac Mickmanus]

2 hours ago, youreavinalaff said:

And there lies the problem with left wingers.

 

Having a go at someone taking financial chances by being a shareholder when, instead of complaining, they could invest themselves.

 

Still, good for a laugh.

And not grasping the idea that you can do certain things to acquire money and then you in turn give that money to pay for things like gas and electric .

   Simple equation 

Work > receive money> pay for gas .

British gas makes 3 Pounds profit per household per year , wouldn't make much difference giving that 3 Pounds a year back to the households

[youreavinalaff]

7 minutes ago, Mac Mickmanus said:

And not grasping the idea that you can do certain things to acquire money and then you in turn give that money to pay for things like gas and electric .

   Simple equation 

Work > receive money> pay for gas .

British gas makes 3 Pounds profit per household per year , wouldn't make much difference giving that 3 Pounds a year back to the households

Indeed.

Additionally, if it were to be run as a non profit service, as some would wish, it would likely cost the tax payer more than the £3 a year.

[youreavinalaff]

22 minutes ago, Chomper Higgot said:

Hogwash.

 

The Police service, military , lifeboat service, national highways are examples of zero profit services ( there are many others) that will be around as long as there is a UK nation.

 

None turn a ‘profit’.

 

Indeed they don't.

 

However, they do get paid for by the tax payer. They are not in an ever changing and competitive industry. They do not pay tax other than PAYE, they are not creating a final product needed by the entire population as well as providing a daily service.

 

But, hey, let's nationalise the industry and let the tax payer pick-up the bill when the company becomes a money pit because of lack of investment. Good idea.????????

[mrbojangles]

11 hours ago, Chomper Higgot said:

The profits of somebody else’s misery, well done.

There will always be misery for some. Businesses have to make a profit or they go bust. I live in Thailand where the water and electric supply is state owned / managed and it's a shambles. We aren't in the 1970's anymore but we have constant electric and water outages and no effective complaint process. There is no competition out there for us to switch to. I know, given a choice, which I prefer.

[Chomper Higgot]

15 hours ago, youreavinalaff said:

Indeed they don't.

 

However, they do get paid for by the tax payer. They are not in an ever changing and competitive industry. They do not pay tax other than PAYE, they are not creating a final product needed by the entire population as well as providing a daily service.

 

But, hey, let's nationalise the industry and let the tax payer pick-up the bill when the company becomes a money pit because of lack of investment. Good idea.????????

British gas was nationalized, it was never ‘a money pit’.

 

But let’s pretend the subject is British gas and hide behind the internal shuffling of profits to Centrica that masks where the profits are coming

from.

 

Refer the OP if you are struggling to recall which organization has more than trebles its profits.

[Chomper Higgot]

7 hours ago, mrbojangles said:

There will always be misery for some. Businesses have to make a profit or they go bust. I live in Thailand where the water and electric supply is state owned / managed and it's a shambles. We aren't in the 1970's anymore but we have constant electric and water outages and no effective complaint process. There is no competition out there for us to switch to. I know, given a choice, which I prefer.

False equivalence.

 

Utility services in the UK we’re extremely reliable and affordable when state owned.

 

 

[mrbojangles]

6 minutes ago, Chomper Higgot said:

False equivalence.

 

Utility services in the UK we’re extremely reliable and affordable when state owned.

 

 

In your view but there is absolutely no doubt that having competition is healthy for the consumer. So healthy that we have anti-monopolies bodies to ensure no single company can corner the market. If you don't have a choice, they have you by the short and curlies and there's nothing you can do about it. And that is what happens here.

 

Oh and I remember having to sit in a freezing house with candles in the UK. That was when utilities were state owned. I suppose at least it's warm here, so last week on one of our virtually weekly electricity cuts, at least I was warm with my solar powered lamp.

[Bkk Brian]

Brighton MP accuses Centrica of 'theft' after billion-pound profit

MP LLOYD Russell-Moyle has accused an energy company of greed and described its five-fold increase in profits as “theft from the British people”.

 

& that was in July 2022, its just carried on and on

Edited February 18, 2023 by Bkk Brian

[youreavinalaff]

2 hours ago, Chomper Higgot said:

British gas was nationalized, it was never ‘a money pit’.

 

But let’s pretend the subject is British gas and hide behind the internal shuffling of profits to Centrica that masks where the profits are coming

from.

 

Refer the OP if you are struggling to recall which organization has more than trebles its profits.

The subject became British Gas when you falsely accused Centrica of forcing their way into peoples' houses to fit prepayment meters