Owner of British Gas is under fire after profits increased tenfold in one year

THE owner of British Gas is under fire after profits rose tenfold in one year to £750m.

The supplier said the huge jump of £72m in 2022 was due to regulator Ofgem raising the price cap.

In total, Centrica's retail arm – which is largely made up of British Gas – earned £799m, up from £94m a year earlier.

Centrica said it, along with other energy companies, was allowed to recoup some of the costs incurred during the energy crisis.

That added £500m to British Gas's profits.

Meanwhile, official figures show that more than three million households are in fuel poverty – and this would have been 500,000 more without government support for some struggling families.

Fiona Waters, from campaign group Warm This Winter, slammed British Gas's “obscene” profits as they “epitomize the rip-off of Britain”.

She said: “Millions are living in cold, damp homes because they can't pay their energy bills.”

Ofgem said 'reasonable' profits are essential for sustainability, service and innovation.

Centrica boss Chris O'Shea said: “The poorest in society are struggling, but it's not just about the energy, it's about the rent, the mortgages and the food.”