16 February 2023 , 07:11
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British Gas owner Centrica has revealed its operating profits hit £3.3billion last year as millions of Brits struggled to heat their homes.
This is more than triple the massive £948million the energy giant made the year before - and surpasses its previous highest ever yearly profit of £2.7billion in 2012.
It comes as energy bills are due to rise again in April, when the Energy Price Guarantee will be hiked from £2,500 a year for the typical household to £3,000.
Energy prices have soared in recent months following the Russian invasion of Ukraine, resulting in enormous profits for energy companies and calls for a tougher windfall tax.
Centrica said it paid nearly £1billion in tax relating to 2022 profits. Adjusted operating profit decreased by 39% to £72million in 2022 from £118million in 2021.
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The majority of its bumper earnings came from its nuclear and oil and gas business, with British Gas contributing £72million profit.
Stripping out its Spirit Energy businesses that were sold, underlying earnings at Centrica jumped to £2.8billion, up from £392million the previous year.
British Gas was recently criticised after an investigation by The Times found the energy giant had used debt collectors to "break into" the homes of vulnerable customers.
Unite union general secretary Sharon Graham said: "British Gas owner Centrica has been coining it in from our massive energy bills while sending bailiffs to prey on vulnerable consumers the length and breadth of the country.
"These energy companies are showing us everything that is wrong with the UK's broken economy.
"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."
Centrica isn't the only big energy giant to announce astronomical profits in the wake of the cost of living crisis.
Over the last few weeks, we've seen Shell announce profits of £32.2billion ($39.9billion) for last year, while BP profits hit $27.7billion (£23billion).
The Government has introduced a windfall tax off the back of huge profits being raked in by energy firms - called the Energy Profits Levy - but this only applies to profits made from UK oil and gas.
The rate has been increased from 25% to 35%.
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Liberal Democrat leader Sir Ed Davey said: "This is a betrayal for British Gas customers across the country who are struggling to keep their heating on.
"Once again the Government's failure to implement a proper windfall tax is allowing oil and gas businesses to make billions off the back of hardworking families.
"What makes this worse is that thousands of British Gas families have had their homes broken into and prepayments forcibly installed because they could no longer afford to pay their sky high bills.
"This cannot continue. Liberal Democrats are calling for the Conservatives to finally bring in a proper windfall tax and the cancellation of Government plans to increase energy bills by £500 in April."