Energy giants set for huge profits after making £240bn during fuel bill crisis (original) (raw)

Five energy companies are expected to announce more huge profits after raking in £240billion during the fuel bill crisis with British Gas owner Centrica forecast to reveal it made nearly £1billion over the half year

Energy companies are set to announce more bumper profits

Five energy giants that raked in £240billion during the fuel bills crisis are to announce another round of bumper profits.

Campaigners branded the payouts “obscene” and made fresh demands for a proper windfall tax on firms. One firm, British Gas owner Centrica, is forecast to reveal half-year profits of just under £1billion on Thursday.

Others due to release results this week are Scottish Power owner Iberdrola, Norwegian energy heavyweight Equinor, France’s EDF, and power station operator Drax. Campaign group Warm This Winter – which has dubbed this ­“Profiteers Week” – calculated the £240bn figure, which it claims the firms raked in over the past three years.

During that time millions of people were struggling with high bills. The payouts cover group-wide profits, so not just the UK. Warm This Winter’s Fiona Waters said: “Frankly, it is just obscene. It’s hard to grasp the mind-boggling sums involved.

"That is why we have to bring back fairness and introduce a proper tax on all companies ­profiteering in the energy sector while six million people in the UK are living in fuel poverty, facing a stark choice between heating and eating.” End Fuel Poverty Coalition ­co-ordinator Simon Francis added: “These figures show there is plenty of money in our broken energy system.

“But rather than this being used to help people struggling in cold, damp homes and with the record cost of energy, the cash is being used to line the pockets of energy firms.” In winter 2021/22, Ofgem’s energy cap stood at an average £1,277 a year but hit £1,690 this spring. It was £1,568 at the start of July.