Newspaper with 'Extra Extra' headline

Energy firms announce monster profits amid cost of living crisis

Government urged to impose tougher windfall tax
  Published:  28 Jul 2022    |      1 minute read

Energy giants Shell and Centrica - which owns British Gas - have today reported profits that eclipse their earnings for the same periods last year.

Shell has more than doubled its Q2 profits to $11.5bn (£9.4bn) compared with last year ($5.5bn or £4.5bn). Meanwhile Centrica’s takings have increased fivefold in the first six months of 2022 to £1.3bn, up from £262m in 2021.

These excess profits come weeks before the energy regulator Ofgem is expected to announce a new energy price cap, which could see annual household energy bills soaring beyond £3,400 from this October.

Reacting for Friends of the Earth, energy campaigner Sana Yusuf, said:

“Clearly not everyone is struggling with the energy crisis.

“These bumper profits will be greeted with disbelief by the millions of people across the UK who are faced with rocketing energy prices.

“The government must impose a tougher windfall tax on energy firms. The bulk of these profits should be used to insulate our homes and help cash-strapped households pay for their heating this winter, rather than developing more fossil fuel projects that roast the planet.”