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- 30 July 2010
British Gas registered a 98% increase in profits in the first half of 2010 According to its parent company Centrica, British Gas profits rose by 98% in the first half of 2010 with operating profits surpassing the £580m mark. British gas who supplies gas to more than half of the country’s household and businesses alike, saw its profit margin go sky high thanks to a bitter winter and an 8% rise in residential and commercial gas usage.
In February the company made a smart move of cutting down gas bill prices which generated nothing less than 223,000 new costumers. With almost a quarter of a million new customers, British Gas has now a total of 15.79 million customers throughout Britain. Despite such improvements in profitability the energy supplier and its parent company Centrica stated that higher energy prices are on the way due to slowly rising gas prices that are expected to increase still further this autumn. Nick Luff, Centrica’s finance director, gave a warning of the pain to come by claiming “wholesale gas and power prices are looking quite a lot higher for this coming winter.” What amazes me is the fact that when wholesale gas prices dropped last year energy suppliers took their time to lower energy bills and now based on market predictions the same suppliers are already warning that energy and gas prices will rise this winter. Sam Laidlaw, the chief executive, defended the group against such accusations by saying – “All the evidence is that price cuts are passed on as quickly as price rises,” He then concluded: “I can’t say when we will need to raise them and we’re deliberately not signalling when to the competition. We will try to delay it as long as we can.” Before criticising British Gas there are several factors that should be taken for granted. The company was the first to lower its prices this year and it has maintained the best standard tariff of all major suppliers. Then we have the fixed-rate deals proposed by the company which might not be seen as a good option today but many energy brokers are evangelising it will be a good deal in the coming months. Why don’t you share your thoughts with us now? What do you think will happen to household and business energy prices this winter? Will suppliers be able to hold down the rates? Share your thoughts below. Or call our energy team today on 0870 710 7560 or request a business gas quote for your business.
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[...] a 98% increase in profits in the first half of 2010 July 30, 2010 by drointer via catalyst-commercial.co.uk from → Uncategorized ← British Gas warns of rise in utility bills despite £585m [...]
Pingback by British Gas registered a 98% increase in profits in the first half of 2010 « UK Business Gas Prices — July 30, 2010 @ 8:07 am
Only one thing to say about British gas, national joke!
Comment by Frank reid — July 30, 2010 @ 10:14 pm
British Gas registered a 98% increase in profits in the first half of 2010…
Companies like this deserve to be treated this way, as they just exploit the market and customers to the max. I will not be ever using British Gas until the day i die, this is disgusting! disgusting service, disgusting company, disgusting rip off brita…
Trackback by social.weehz.com — July 31, 2010 @ 12:01 pm
British Gas registered a 98% increase in profits in the first half of 2010…
Companies like this deserve to be treated this way, as they just exploit the market and customers to the max. I will not be ever using British Gas until the day i die, this is disgusting! disgusting service, disgusting company, disgusting rip off brita…
Trackback by socialwebcms.com — August 3, 2010 @ 10:07 am
British Gas registered a 98% increase in profits in the first half of 2010…
What a joke this company is, the cheapest supplier, online if you are one of the select few. otherwise you will be on the highest tariff that they can get away with, for as long as possible….
Trackback by smash-up.com — November 10, 2010 @ 12:23 pm
British Gas registered a 98% increase in profits in the first half of 2010…
Companies like this deserve to be treated this way, as they just exploit the market and customers to the max. I will not be ever using British Gas until the day i die, this is disgusting! disgusting service, disgusting company, disgusting rip off brita…
Trackback by smash-up.com — November 16, 2010 @ 3:33 am