British Gas owner Centrica sees profits more than triple in 2022

British Gas owner Centrica saw profits soar to more than £3bn in 2022, amid skyrocketing energy prices that sparked a cost of living crisis.

The energy firm reported underlying operating profits of £3.3bn, against profits of £948m in 2021.

Stripping out its Spirit Energy businesses that were sold, underlying earnings for the group jumped to £2.8bn from £392m the previous year.

News of its soaring profits come as anger grows over a run of massive profits notched up in the sector, and mounting calls for greater windfall taxes.

Earlier this month, oil giant Shell reported that profits rocketed 84.3bn dollars (£68.1bn) in 2022 due to soaring oil prices.

It represented the company’s highest profit in its 115-year history and surpassed the expectations of industry experts.

Centrica said it made operating profits of £72m at its British Gas retail division, British Gas Energy, but this was down 39% on the year before.

The figures follow a furore over Centrica’s use of debt collectors to install expensive pre-payment meters by force in the homes of vulnerable cash-strapped customers.

The scandal sparked an urgent inquiry by regulator Ofgem and has seen Centrica banned from force-fitting pre-payment meters.