British Gas profits up 3.2%

British Gas' residential business increased profits by 3.2% to £356 million in the first half of the year, parent company Centrica has announced.

Centrica should 'exercise restraint' with tariffs

Energy minister Michael Fallon says Centrica should "exercise restraint" with tariffs. Credit: ITV News

British Gas owner Centrica should "exercise restraint" with tarriffs after profits from its residential energy arm rose by 3.2% to £356 million, an energy minister said.

The supplier cashed in on the freeze in the first half of the year after raising tariffs by 6% in December.

Michael Fallon said: "What matters is not just the profits, it's the prices that we all have to pay and there was a big price increase just before last winter, over 6%, so I would hope that Centrica would now exercise restraint and that we are not going to see similar price jumps."

British Gas won't rule out tariff hikes after profit gains

Despite the announced profits increase, British Gas owner Centrica would not rule out further rise in tariffs this winter, blaming "upward pressure on costs".

We will keep prices as low as we can for as long as we can. If prices do have to go up, we will delay it for as long as possible.

– Centrica's finance director Nick Luff

Mr Luff said the Government-backed ECO (Energy Companies Obligation) scheme, which helps customers with boiler repair or replacement or insulation costs, would "inevitably impact on customer bills ultimately".

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British Gas owner cashed in on Britain's big freeze

British Gas Residential saw profits from its energy supply increase to £356 million in the cold weather. Credit: Owen Humphreys/PA Archive

Britain's bitterly cold winter boosted the profits of British Gas owner Centrica after the company raised tariffs by 6% in December.

The rise in profits, from £345 million in the same period last year, is likely to spark anger despite the company pledging to halt further tariff hikes.

Campaigners have called for the company to go further and cut prices.

Centrica chief executive Sam Laidlaw said: "With our customers using more gas to stay warm during the unusually cold winter, we're doing everything we can to help them keep their energy costs under control and make bills simpler and clearer."

Centrica expected to announce rise in profits

Energy firm Centrica is expected to announce pre-tax profits rose 1.4 percent to £350 million compared with the same period last year for its British Gas residential arm.

A British Gas bill behind a burning hob.
British Gas owner Centrica will reveal its profits today. Credit: Press Association

The forecast rise does not entirely reflect gains from heavy winter gas usage, which are likely to have been offset by the cost of a new obligation to deliver energy efficiency measures in customers' homes, Deutsche Bank analysts said.

British Gas owner Centrica due to announce profits

British Gas owner Centrica will today reveal how much it profited from the cold weather after it raised energy prices just before the onset of a severe winter freeze.

Centrica has already revealed that it saw residential gas consumption soar by 18 percent over the first four months of this year amid plunging temperatures.

File photo of a British gas bill behind a burning hob.
British Gas owner Centrica will reveal its profits later today. Credit: Press Association Images

The company increased its tariffs by six percent in December.

It comes a day after French-owned energy firm EDF said its profits had risen to a record £903 million in the wake of the cold spell.

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