Centrica

Centrica, Britain's biggest energy supplier, more than trebled its underlying profits to £3.31 billion from £948 million in 2021. The previous record was £2.7 ...

Liberal Democrat Leader Ed Davey said: “This is a betrayal for British Gas customers across the country who are struggling to keep their heating on. That’s why the government intervened, adding a new 35% tax on these profits which will contribute to ongoing cost of living support where the government is paying one third of consumer energy bills. Centrica’s British Gas Energy supply division made £72 million profits down from £118 million. “That means offering meaningful redress to the vulnerable people treated so appallingly over the forced fitting of prepayment meters. [Centrica](/topic/centrica), Britain’s biggest energy supplier, more than trebled its underlying profits to £3.31 billion from £948 million in 2021. Energy Security Secretary Grant Shapps said: “These extraordinary profits are a sharp contrast to the high bills the public are facing.

Centrica's profits tripled to a record 3.3 billion pounds last year on soaring energy prices and production, paving the way for a 300 million pound share ...

On some measures profits and revenue soared for the British Gas owner, but the real money is being made away from retail, in energy trading and oil/gas ...

The cost for re-measurement and settlement of derivative energy contracts ballooned to £8.48 billion in 2022 from £434 million in 2021. “British Gas’s realm is onshore, where gas must be piped around through expensive networks and sold at thin margins in a market with many competitors,” he says. "We invested £75 million in supporting our energy customers in 2022, which was greater than the £8 post-tax profit per customer earned by British Gas Energy. “Investors in the company might argue after years of disappointing returns they are due some bumper rewards. Since February 3, British Gas is banned from force-fitting prepayment meters. Centrica met the guidance it gave in January.

The energy giant reported underlying operating profits of £3.3billion against profits of £948million in 2021. The recent earnings have prompted anger after ...

Centrica said it paid nearly £1billion in tax relating to 2022 profits. These energy companies are showing us everything that is wrong with the UK’s broken economy. [traffic and travel](https://www.aberdeenlive.news/all-about/traffic-travel) and [health](https://www.aberdeenlive.news/news/health/), we've got you covered. [Facebook Groups](https://www.facebook.com/aberdeenlive/groups) and [Aberdeen Live Instagram](https://www.instagram.com/aberdeen.live/). [Aberdeen house cordoned off after car crashes into wall](https://www.aberdeenlive.news/news/aberdeen-news/aberdeen-house-cordoned-after-car-8148929) [Motorcyclist rushed to hospital and the A96 near Pitmachie closed following accident](https://www.aberdeenlive.news/news/aberdeen-news/motorcyclist-rushed-hospital-a96-near-8148947) [Aberdeen music lovers flock to new city record shop after grand opening](https://www.aberdeenlive.news/news/aberdeen-news/aberdeen-music-lovers-flock-new-8148678) [Aberdeen and Aberdeenshire fly-tipping scourge laid bare with more than 3,000 recorded incidents](https://www.aberdeenlive.news/news/aberdeen-news/aberdeen-aberdeenshire-fly-tipping-scourge-8144783) [Torry protestors slam 'skyscraper' oil rig as 200-metre installation towers over skies of Aberdeen](https://www.aberdeenlive.news/news/aberdeen-news/torry-protestors-slam-skyscraper-oil-8145366) [here](https://www.aberdeenlive.news/newsletter-preference-centre/). [Aberdeen news](https://www.aberdeenlive.news/news/) and headlines sent straight to your inbox by signing up to our free newsletter. [Aberdeen reacts to news of Nicola Sturgeon's resignation as First Minister](https://www.aberdeenlive.news/news/aberdeen-news/aberdeen-reacts-news-nicola-sturgeons-8152419) “Labour would use a real windfall tax to stop the energy price cap going up in April.” [stoked anger](https://www.aberdeenlive.news/all-about/north-sea) over a run of massive profits notched up in the sector and reinforced calls for greater windfall taxes. [energy giant ](https://www.aberdeenlive.news/all-about/offshore)reported underlying operating profits of £3.3billion against profits of £948million in 2021. [ profits soar](https://www.aberdeenlive.news/all-about/business) to more than £3billion for 2022 amid rocketing energy prices that have sparked a cost-of-living crisis.

Chris O'Shea's comments come after the energy company's owner Centrica saw its profits triple.

The 46-year-old suffers from long Covid and is unable to work regularly. The sale of its Spirit Energy oil and gas business in May also boosted the figures. The government's windfall tax only applies to profits made from extracting UK oil and gas. The company also estimates it will pay £2.5bn in windfall tax by 2028, but many will still see that as insufficient. Centrica's annual report for that year also said he did not take a bonus in 2020 and 2019 because of the pandemic. It has resulted in many more similar incidents being brought to light. But one morning he was woken up by people banging on his front door and shouting. "I was just completely bewildered," he said. Shell and BP have also reported record profits this year. - Of that, about £54m was paid as result of the windfall tax - called the Energy Profits Levy - which was introduced by the government last year to recoup some of the "extraordinary" earnings made by firms, and to help fund lower gas and electricity bills for households. He also said the profits had a "purpose" in helping the firm transition to cleaner forms of energy, as well as helping lower customer bills "going forward". However, the report added: "It is important to recognise that this is not sustainable and the committee is clear that if performance justifies a bonus in the coming year it is our intention to pay that bonus."

British Gas owner Centrica has unveiled record profits of £3.3bn - powered by soaring energy prices and historic market volatility.

Centrica expects to record a tax charge of £1.07bn in 2022, while the impact of the windfall tax is estimated at £2.5bn until 2028 – when it is expected to be wound down. This was just two per cent of Centrica’s overall profits, and was a 39 per cent drop compared with 2021’s levels, because of “voluntary donations” to support customers and the repayment of furlough funds from the pandemic. The company now intends to extend existing £250m share buyback programme by an additional £300m, which at the current share price would result in Centrica buying back 10 per cent of its issued share capital in total. The FTSE 100 group also revealed that group adjusted earnings per share had skyrocketed from 4.1p per share to 34.9 per share, while its reinstated dividend policy was set at 3p per share last year. Its mega £3.3bn earnings, which include the £485m offloading of its Spirit fossil fuel assets in Norway, are more than three times last year’s total of £948m and surpass its previous record profits of £2.7bn in 2012. British Gas owner Centrica posts £3.3bn record profit – more than treble last year’s £948m

The company's big profit spike came mainly from selling its nuclear power and its energy trading arm.

“Rishi Sunak should get a grip – pull the plug on rampaging energy profiteering, impose a meaningful, tough windfall tax and give the NHS a pay rise with the proceeds.” “Privatisation has been a disaster for hard-pressed households. There are clearly a bunch of people in the UK that are struggling to pay the bills.” Mel Evans, a campaigner at Greenpeace, called for the energy windfall taxes to be expanded to energy trading. The company also raked in £1.4 billion of profit from its trading arm, which speculates on energy prices, a stunning 1,900% increase from the year before. “I think what we need to do is to have a proper debate on what we want to do as a society to support those who can’t pay their bills,” he said.

The British Gas owner said that its gains more than tripled in 2022 to £3.3 billion, from £948 million in 2021. Its announcement comes as the company faces an ...

“Privatisation has been a disaster for hard-pressed households. You can read 5 more article this month This is the last article you can read this month

Chris O'Shea is due to receive an annual salary of £794375 for the past year, following a 2.5 increase.

“Last year we reported a little bit later. The group’s annual incentive plan means that he could also be eligible for an almost £1.6 million bonus if Centrica has matched the firm’s long-term targets. It’s a bit early for us to say – the annual report will be published in March and it will have everything that you need.”

Centrica also owns a stake in several nuclear power plants, which are more important to it than its oil and gas exploration arm. This makes its model rather ...

This is an expensive process in its own right, so adds to the price that people have to pay for LNG, compared with gas transported by pipeline. The Government is also helping households with their energy bills. From April that support becomes less generous and the average bill will rise to £3,000. So no, the massive bill that you paid to British Gas did not contribute much at all to Centrica’s profits. The other big profit centre for Centrica was the company’s trading division. For example, the business’s nuclear power plants sold each megawatt hour of electricity they produced for £140 last year, up from £46.60 a year earlier. Centrica also owns a stake in several nuclear power plants, which are more important to it than its oil and gas exploration arm. A large part of Centrica’s revenue – around a third of it – comes from British Gas, which is a household energy supplier. Shell has an energy supply arm, but it makes up only a tiny part of the business. The massive jump in energy prices has meant that the price the company can charge for the energy it produces has risen. But while British Gas collected these payments from customers, it largely has to spend most of that money paying for the gas and electricity that it buys for its customers. But how linked are the company’s profits to the massively high energy bills that households are paying and is the Government doing anything to curb the excesses of the energy sector?

Reacting to the news that British Gas owner Centrica made record profits of £2.8bn in 2022, Sana Yusuf, climate campaigner at Friends of the Earth, said:.

The exporter-heavy index has had a stellar start to the year, gaining 7.5% so far as positive corporate earnings and rising commodity prices supported the index ...

Rises by British Gas owner Centrica and banking firm Standard Chartered helped keep London's index of top firms in positive territory on Thursday. London's top ...

[Channel](/topic/channel), the picture was largely similar. The bank revealed statutory pre-tax profits of 4.3 billion US dollars (£3.6 billion) in 2022, up from 3.3 billion US dollars (£2.7 billion) a year earlier. The price of oil nudged higher after a choppy session amid uncertainty over demand in China and high inventories in the US. Drugs firm Indivior tumbled during the session after it set aside 290 million US dollars (£241 million) to deal with ongoing litigation in the US. Elsewhere, it was joined near the top of the FTSE by Standard Chartered after the finance firm reported a 28% leap in its profits last year and said the reopening of China after the pandemic is giving grounds for optimism. Brent crude oil increased by 0.29% to 85.63 US dollars (£71.25) per barrel when the London markets closed. The pound was down by around 0.15% to 1.201 US dollars, and fell by 0.07% to 1.124 euros at market close in Shareholders were more satisfied with the announcement, with shares rising by 5.64p to 104.2p as a result. [PPI](/topic/ppi) report which punched a hole in the speed of the disinflation narrative that has driven this week’s stock market gains.” “The catalyst for the pullback was a US It represented a record close price for the index but was still adrift of its earlier intra-day high, which was knocked back by higher than expected producer price index (PPI) inflation in US. [Centrica](/topic/centrica) and banking firm [Standard Chartered](/topic/standard-chartered) helped keep London’s index of top firms in positive territory on Thursday.

(Alliance News) - Stock prices in London opened higher on Thursday, with London's blue-chip index ...

In Tokyo on Thursday, the Nikkei 225 index closed up 0.7%. In 2022, pretax profit totalled EUR1.96 billion, up from EUR1.38 billion the year prior. Against the yen, the dollar was trading at JPY133.78, lower compared to JPY134.32. The cost for re-measurement and settlement of derivative energy contracts ballooned to GBP8.48 billion in 2022 from GBP434 million in 2021. The company also proposed a full-year dividend of 2.0 pence, compared to none in 2021. The S&P/ASX 200 in Sydney closed up 0.8%. In the FTSE 250, Indivior plunged 11%. Gold was quoted at USD1,840.05 an ounce, sharply higher against USD1,832.19. In particular, any final aggregate costs of these matters, whether resolved by settlement or trial, may be materially different from this provision," the company added. Inflation in the UK slowed by slightly more than forecast in January, though remained in double digits, figures from the Office for National Statistics showed. On an annual basis, the consumer price index eased to 10.1% in January from 10.5% in December. Revenue jumped 84% to GBP33.64 billion from GBP18.30 billion.

London's FTSE 100 was down 0.2% at 7,984.77 in afternoon trade on Thursday. Advertising. British Gas owner Centrica surged as it said annual profits more ...

"Investors in the company might argue after years of disappointing returns they are due some bumper rewards. FTSE 100 - Fallers FTSE 100 - Risers FTSE 100 movers: Centrica, Relx in the black London’s FTSE 100 was down 0.2% at 7,984.77 in afternoon trade on Thursday.

Rises by British Gas owner Centrica and banking firm Standard Chartered helped keep London's index of top firms in positive territory on Thursday. London's top ...

[Channel](/topic/channel), the picture was largely similar. The bank revealed statutory pre-tax profits of 4.3 billion US dollars (£3.6 billion) in 2022, up from 3.3 billion US dollars (£2.7 billion) a year earlier. The price of oil nudged higher after a choppy session amid uncertainty over demand in China and high inventories in the US. Brent crude oil increased by 0.29% to 85.63 US dollars (£71.25) per barrel when the London markets closed. Shares dropped by 265p to 1,689p as the company revealed the provision alongside an annual pre-tax loss of 95 million dollars (£79 million). Drugs firm Indivior tumbled during the session after it set aside 290 million US dollars (£241 million) to deal with ongoing litigation in the US. Elsewhere, it was joined near the top of the FTSE by Standard Chartered after the finance firm reported a 28% leap in its profits last year and said the reopening of China after the pandemic is giving grounds for optimism. The pound was down by around 0.15% to 1.201 US dollars, and fell by 0.07% to 1.124 euros at market close in [PPI](/topic/ppi) report which punched a hole in the speed of the disinflation narrative that has driven this week’s stock market gains.” “The catalyst for the pullback was a US It represented a record close price for the index but was still adrift of its earlier intra-day high, which was knocked back by higher than expected producer price index (PPI) inflation in US. [Centrica](/topic/centrica) and banking firm [Standard Chartered](/topic/standard-chartered) helped keep London’s index of top firms in positive territory on Thursday.

Centrica has followed much larger companies such as BP and Shell in reporting annual results for last year which broke previous records. But how linked.

This is an expensive process in its own right, so adds to the price that people have to pay for LNG, compared with gas transported by pipeline. The Government is also helping households with their energy bills. From April that support becomes less generous and the average bill will rise to £3,000. So no, the massive bill that you paid to British Gas did not contribute much at all to Centrica’s profits. The other big profit centre for Centrica was the company’s trading division. For example, the business’s nuclear power plants sold each megawatt hour of electricity they produced for £140 last year, up from £46.60 a year earlier. Centrica also owns a stake in several nuclear power plants, which are more important to it than its oil and gas exploration arm. A large part of Centrica’s revenue – around a third of it – comes from British Gas, which is a household energy supplier. Shell has an energy supply arm, but it makes up only a tiny part of the business. The massive jump in energy prices has meant that the price the company can charge for the energy it produces has risen. But while British Gas collected these payments from customers, it largely has to spend most of that money paying for the gas and electricity that it buys for its customers. But how linked are the company’s profits to the massively high energy bills that households are paying and is the Government doing anything to curb the excesses of the energy sector?

Dr James Fox takes a closer look at Centrica shares after the British Gas owner posted headline-grabbing record profits on soaring energy prices.

And with earnings per share (EPS) for 2022 rising to 34.9p — from 4.1p in 2021 — the company trades at around three times earnings. Energy prices were exceptionally high in 2022 as a result of Putin’s war in Ukraine. Meanwhile, net cash rose to £1.2bn at the end of 2022 compared to £700m a year earlier. However, investors are unlikely to see the current level of profitability as sustainable. The higher energy prices meant that Centrica’s North Sea operations brought in exceptional returns, although these are subject to a windfall tax. In response, the share price jumped around 7% before giving back some of those gains on Friday morning.