British Gas owner’s profits increase five-fold while energy bills soar

British Gas owner Centrica has seen its profits increase by five-fold while households worry about paying their bills this winter.

The company’s operating profits in the six months to the end of June came to £1.34 billion amid a rampant rise in the cost of living.

It was significantly more than the £262 million recorded during the same period last year.

Meanwhile Shell has reported record profits of £9.4 billion, having doubled them in a single year.

The rise in profits comes as wholesale gas prices hit record highs across Europe this year, following Vladimir Putin’s invasion of Ukraine.

Russia has halved supplies of natural gas via the Nord Stream 1 pipeline to the continent, causing further chaos in the market.

Although the UK is less dependent on Russian energy than mainland Europe, the move is still having a knock-on effect on the UK.

The cap on how much British households can be charged for energy is set to rise to £3,420 in October – potentially rising again...