Thursday, 17 February 2011

British Gas is set to post record profits

The earnings haul, to be revealed on February 24, will sit uneasily with many consumers who recently saw their energy bills rise.

It compares with profits of £595 million for 2009.

Before  Christmas, British Gas, Scottish Power and Scottish and Southern Energy all announced hikes to household bills because of rising wholesale  costs. Average annual electricity and gas bills now stand at £1,133. During  the first half of 2010, British Gas made £585 million, according to analysts, on the back of the cold snap and an influx of customers who had switched from other suppliers after it lowered prices.

Its number of customers rose by an estimated 270,000, representing the best growth for a decade for British Gas.

Britain’s biggest energy supplier now has 16 million customer accounts.

Profits were much lower in the second half of the year, with some months thought to be loss making.

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