Thursday, February 16, 2023
Rip-off?
The Guardian reports on the shocking news that the profits of the scandal-hit owner of British Gas have more than tripled to a record £3.3bn, boosted by soaring wholesale gas prices after Russia’s invasion of Ukraine, as many households in Britain struggle with the cost of living.
They say that Centrica’s “monster” profits immediately angered campaigners who are calling for tougher windfall taxes, lower bills and better treatment of vulnerable customers against the backdrop of the prepayment meter scandal. And quite rightly so.
The company’s profits for 2022 far outstrip the £948m made in 2021, aided by soaring profits in its North Sea oil and gas, and nuclear power divisions. They also surpass the company’s previous record profit of £2.7bn, in 2012.
Given that British Gas faced widespread criticism earlier this month when it emerged that debt agents working for Britain’s largest energy supplier had ignored customers’ vulnerabilities and forced them on to prepayment meters to recover debts, these record surpluses just add to the impression of an uncaring company determined to squeeze every last penny from its customers.
The big question is why is the government letting them get away with this. There needs to be a much tougher windfall tax and the scrapping of the investment allowance which cuts tax for oil and gas operators that spend money on increasing production.
They say that Centrica’s “monster” profits immediately angered campaigners who are calling for tougher windfall taxes, lower bills and better treatment of vulnerable customers against the backdrop of the prepayment meter scandal. And quite rightly so.
The company’s profits for 2022 far outstrip the £948m made in 2021, aided by soaring profits in its North Sea oil and gas, and nuclear power divisions. They also surpass the company’s previous record profit of £2.7bn, in 2012.
Given that British Gas faced widespread criticism earlier this month when it emerged that debt agents working for Britain’s largest energy supplier had ignored customers’ vulnerabilities and forced them on to prepayment meters to recover debts, these record surpluses just add to the impression of an uncaring company determined to squeeze every last penny from its customers.
The big question is why is the government letting them get away with this. There needs to be a much tougher windfall tax and the scrapping of the investment allowance which cuts tax for oil and gas operators that spend money on increasing production.
