What a complete an utter disgrace. The politicians defending such rampant profiteering should be ashamed.
Not only have their profits increased, their profits have *tripled*.
A company that made a profit of over £3 billion was so desperate for money that they hired enforcement agents who broke into the homes of people who couldn’t afford their energy bills.
~~I thought competition between companies was supposed to lead to lower prices for the consumer. Instead, it looks more like collaboration has allowed these companies to monopolise and raise prices beyond what was necessary.~~
Thanks for sharing this OP.
I’m absolutely fuming about this. I’m a pastor at a church which is very active in the community. The food bank we run is getting busier and busier.
4 years ago I remember when we broke our record for number of vouchers coming in on a Friday afternoon. The number was 12 food parcels representing around 35 people (a mix of individuals and families).
Two weeks ago we had 28 vouchers come in. That’s around 90 people.
It properly boils my bottom to that these beautiful individuals are having to make the choice between keeping warm or having lights on, and feeding their children while energy companies triple their profits.
The great con of privatisation. A few shareholders and CEOs filling their own pockets on the back of Joe Average having to pay an arm and a leg to keep himself warm.
They profit from our misery, and our ‘regulator’ props them up.
Our energy system like so many other things, is broken.
The profit motive in essential areas like energy simply doesn’t work, they have tripled their profits, whilst millions choose between eating or heating in the sixth richest country in the world.
The question is, how much longer are we gonna sit down and take this?
People need to take action. They are laughing in our faces reporting this shit every week.
This is so heart breaking to read, only the rich have been profiting from the poor. So the poor have been getting poorer, I’m happy to see so many people offer help or help out with food parcels though. These times are tough and we need to stick together as one.
I don’t know what the surprise is all about. The commodity price of gas has more than tripled, it’s increased by five fold over the past few years.
Whatever it is you’re selling – cars, food, houses – if that product price globally increases by a substantial amount and the percentage profit margin remains the same, revenue is going to skyrocket.
Not saying it’s right or wrong but this happens across the board not just in energy generation.
I’ve never been so frustrated with the way things are up until now. I understand companies need to make profit, raise them prices to ensure they match last year’s fine. But what a dirty cunt the lot of them are disguising it due to shortages, war etc then tripling your fucking profits.
Profits will reduce at some point first thing they’ll do is make a load redundant it’s an absolute joke that all the companies are doing this and we get told to not ask for pay rises
[deleted]
Honestly this makes me so fucking sick. I really don’t get this wealth hoarding. All this profit at the cost of people starving or freezing to death choosing one or the other.
If there’s evil in the world just look at the CEO’s and politicians.
The Cost of Living Crisis which is nothing more than a scam created by Energy and Oil companies under the pretence of Covid and Ukraine War.
Many folks (not me) argue that they need these kind of profits to reinvest for the future.
I understand the need for them to make profit and invest but, at a time when Joe public is struggling to pay the bills because of inflation and other factors completely out of their control.
This feels like a huge kick in the teeth.
I feel like these companies are laughing at us much like the staff at the Downing Street parties during lockdown.
How long is this going to carry on before many of us lose our shit?
Ok, when do we actually start doing something? Is there anyone who organises protests or some sort of action against this shit? I’m politically as inactive as a person can get, but even I would join.
When do we start robbing from the rich and giving to the poor like Robin Hood days?
Windfall tax them and return them to public ownership
British Gas made 72 million profit. Google suggests they serve 12 million homes, so about £6 profit per customer per year…
Centrica made their massive profit by extracting fuel and selling it at global market rate around the world.
This story is intentionally misleading and designed to rile people up.
The guys who sell gas to homes don’t make very much money.
The problem is ofgem basically safeguarding energy firm and guaranteeing them huge profits with zero risk. They set the rate with ridiculous rule by using the most expensive form of energy for reference. It’s like setting food price from a random corner shop that marked up a lot to cover their cost
[deleted]
If you believe the article, that’s a very click baity headline designed to anger readers.
Yes, Centrica had their profits triple. Yes, Centrica own British Gas. No, their huge profit increase isn’t solely as a result of us all paying more for gas and electricity.
>The majority of Centrica’s bumper profits came from its nuclear and oil and gas business, rather than from the British Gas energy supply business, which contributed £72m out of the £3.3bn profit. The overall profit figure also included the impact of selling its Spirit Energy oil and gas business in May.
>Centrica said British Gas Energy profits had decreased by 39% compared to 2021’s levels, which was largely down to “voluntary donations made to support customers” and the repayment of furlough funds it received during the height of Covid.
I’m not defending them at all. Multiple billions of pounds profit when many, many households in the UK are struggling to pay their bills and in many cases are forced to pick between heating or eating, is utterly disgusting.
Maybe I’m really stupid but… why have bills gone up if energy companies are making record profits? Where is the logic or connection to any of this? Is it literally as plainly obvious as it looks and they’ve just lied and fleeced the British public knowing they can? What the fuck?
company does what it’s designed to do.
people against privatisation saw this as inevitable. others were cheering short term benefits.
Maggies legacy of privatising everything is still screwing people 40 years later
And the fucking useless regulator is in bed with the energy companies. Wankers
It’s easy to point a finger, but it has been well established that energy companies bring in little profits.
Keep in mind that while Centrica owns British Gas, Centrica also trades gas, electric and LNG obtained via their own production (as well as other sources) which is likely where the bulk of profits come from. They also can’t sell their resources cheaper to BG due to competition laws.
Just 2% of that profit comes from BG according to Simon Jack, the other 98% comes from the rest of the business which is the one breaking records. 2% is still a good chunk of money, but it’s not nearly as horrific as the headline states.
E- Ran the maths. £72M profit, 10.66M customers. Works out at about £5.62 per month, per customer. Any media outlet running this story is producing pure clickbait. You wouldn’t notice £5.62 knocked off your bill every month if BG ran at-cost.
25 comments
[deleted]
What a complete an utter disgrace. The politicians defending such rampant profiteering should be ashamed.
Not only have their profits increased, their profits have *tripled*.
A company that made a profit of over £3 billion was so desperate for money that they hired enforcement agents who broke into the homes of people who couldn’t afford their energy bills.
~~I thought competition between companies was supposed to lead to lower prices for the consumer. Instead, it looks more like collaboration has allowed these companies to monopolise and raise prices beyond what was necessary.~~
Thanks for sharing this OP.
I’m absolutely fuming about this. I’m a pastor at a church which is very active in the community. The food bank we run is getting busier and busier.
4 years ago I remember when we broke our record for number of vouchers coming in on a Friday afternoon. The number was 12 food parcels representing around 35 people (a mix of individuals and families).
Two weeks ago we had 28 vouchers come in. That’s around 90 people.
It properly boils my bottom to that these beautiful individuals are having to make the choice between keeping warm or having lights on, and feeding their children while energy companies triple their profits.
The great con of privatisation. A few shareholders and CEOs filling their own pockets on the back of Joe Average having to pay an arm and a leg to keep himself warm.
They profit from our misery, and our ‘regulator’ props them up.
Our energy system like so many other things, is broken.
The profit motive in essential areas like energy simply doesn’t work, they have tripled their profits, whilst millions choose between eating or heating in the sixth richest country in the world.
The question is, how much longer are we gonna sit down and take this?
People need to take action. They are laughing in our faces reporting this shit every week.
This is so heart breaking to read, only the rich have been profiting from the poor. So the poor have been getting poorer, I’m happy to see so many people offer help or help out with food parcels though. These times are tough and we need to stick together as one.
I don’t know what the surprise is all about. The commodity price of gas has more than tripled, it’s increased by five fold over the past few years.
Whatever it is you’re selling – cars, food, houses – if that product price globally increases by a substantial amount and the percentage profit margin remains the same, revenue is going to skyrocket.
Not saying it’s right or wrong but this happens across the board not just in energy generation.
I’ve never been so frustrated with the way things are up until now. I understand companies need to make profit, raise them prices to ensure they match last year’s fine. But what a dirty cunt the lot of them are disguising it due to shortages, war etc then tripling your fucking profits.
Profits will reduce at some point first thing they’ll do is make a load redundant it’s an absolute joke that all the companies are doing this and we get told to not ask for pay rises
[deleted]
Honestly this makes me so fucking sick. I really don’t get this wealth hoarding. All this profit at the cost of people starving or freezing to death choosing one or the other.
If there’s evil in the world just look at the CEO’s and politicians.
The Cost of Living Crisis which is nothing more than a scam created by Energy and Oil companies under the pretence of Covid and Ukraine War.
Many folks (not me) argue that they need these kind of profits to reinvest for the future.
I understand the need for them to make profit and invest but, at a time when Joe public is struggling to pay the bills because of inflation and other factors completely out of their control.
This feels like a huge kick in the teeth.
I feel like these companies are laughing at us much like the staff at the Downing Street parties during lockdown.
How long is this going to carry on before many of us lose our shit?
Ok, when do we actually start doing something? Is there anyone who organises protests or some sort of action against this shit? I’m politically as inactive as a person can get, but even I would join.
When do we start robbing from the rich and giving to the poor like Robin Hood days?
Windfall tax them and return them to public ownership
British Gas made 72 million profit. Google suggests they serve 12 million homes, so about £6 profit per customer per year…
Centrica made their massive profit by extracting fuel and selling it at global market rate around the world.
This story is intentionally misleading and designed to rile people up.
The guys who sell gas to homes don’t make very much money.
The problem is ofgem basically safeguarding energy firm and guaranteeing them huge profits with zero risk. They set the rate with ridiculous rule by using the most expensive form of energy for reference. It’s like setting food price from a random corner shop that marked up a lot to cover their cost
[deleted]
If you believe the article, that’s a very click baity headline designed to anger readers.
Yes, Centrica had their profits triple. Yes, Centrica own British Gas. No, their huge profit increase isn’t solely as a result of us all paying more for gas and electricity.
>The majority of Centrica’s bumper profits came from its nuclear and oil and gas business, rather than from the British Gas energy supply business, which contributed £72m out of the £3.3bn profit. The overall profit figure also included the impact of selling its Spirit Energy oil and gas business in May.
>Centrica said British Gas Energy profits had decreased by 39% compared to 2021’s levels, which was largely down to “voluntary donations made to support customers” and the repayment of furlough funds it received during the height of Covid.
I’m not defending them at all. Multiple billions of pounds profit when many, many households in the UK are struggling to pay their bills and in many cases are forced to pick between heating or eating, is utterly disgusting.
Maybe I’m really stupid but… why have bills gone up if energy companies are making record profits? Where is the logic or connection to any of this? Is it literally as plainly obvious as it looks and they’ve just lied and fleeced the British public knowing they can? What the fuck?
company does what it’s designed to do.
people against privatisation saw this as inevitable. others were cheering short term benefits.
Maggies legacy of privatising everything is still screwing people 40 years later
And the fucking useless regulator is in bed with the energy companies. Wankers
It’s easy to point a finger, but it has been well established that energy companies bring in little profits.
Keep in mind that while Centrica owns British Gas, Centrica also trades gas, electric and LNG obtained via their own production (as well as other sources) which is likely where the bulk of profits come from. They also can’t sell their resources cheaper to BG due to competition laws.
Just 2% of that profit comes from BG according to Simon Jack, the other 98% comes from the rest of the business which is the one breaking records. 2% is still a good chunk of money, but it’s not nearly as horrific as the headline states.
E- Ran the maths. £72M profit, 10.66M customers. Works out at about £5.62 per month, per customer. Any media outlet running this story is producing pure clickbait. You wouldn’t notice £5.62 knocked off your bill every month if BG ran at-cost.
Second E- Maths