Centrica and Shell announce interim profits

Press release
The latest results will offer little comfort to those feeling the squeeze from rising living costs
  Published:  27 Jul 2023    |      1 minute read

Centrica, the owner of the UK’s biggest energy supplier British Gas, has today published its first-half results in which profits at its retail arm soared to £969m compared to £98m last year. Responding to the news, Emi Murphy, warm homes campaigner at Friends of the Earth, said:

“There’s no acceptable reality where an energy company should see profits rise by nearly 900% over the same period millions struggle to afford to power and heat their homes. It’s indefensible that firms behind both our soaring bills and the deteriorating state of the planet are still raking in billions in excess profits.

“The cost of living crisis is showing no signs of letting up any time soon, but there’s only so much more people can shoulder. Yet predictions say energy prices will be just as high again this winter, meaning millions more will go cold in homes they can’t afford to heat.

“People will rightly question why there has been so little progress in rolling out the measures that will make a genuine difference to their energy bills. If it’s a matter of funding, then the government should start by properly taxing fossil fuel companies’ excess profits, which could help to pay for a street-by-street insulation programme to bring down the nation’s bills.”

Oil and gas giant Shell has also posted its Q2 results, announcing profits of £3.9bn. She said:

“With the world quite literally on fire, fossil fuel companies should be doing everything they can to ramp up the production of cheap and clean renewable power, not stalling investment and rowing back on their climate commitments as Shell has recently. Not only is the switch to clean energy vital for the health of our planet, it would also help to bring down our energy bills – keeping homes warmer in winter - and release us from the volatility of expensive oil and gas once and for all.”