Business

British Gas to pay back full £27m bill due to peak profit of £1bn in gas crisis

The chief executive of the country’s largest electricity and gas supplier, Chris O’Shea, has also agreed to forgo his £1.1m bonus. His usual salary is £775,000.

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Chris O’Shea, owner of British Gas

British Gas’s retail unit reported big gains in profits despite a squeeze in the energy sector that has forced many of its rivals out of business.

Parent company Centrica said British Gas Energy saw a 44 per cent increase in adjusted operating profit, reaching £118 million in 2021.

The business said it was helped by households using more gas in the first six months of the year due to unusually cold weather.

Unusually warm weather in the last three months of the year also allowed them to sell pre-purchased gas and electricity, cashing in on high energy costs.

Centrica said it plans to return the £27m it has demanded from the Government to increase its staff.

Chief executive Chris O’Shea has also agreed to forgo his £1.1m bonus. His usual salary is £775,000.

His decision comes as gas and electricity prices will rise by more than 50% for 22 million households across the UK.

“In 2021, I am proud of how Chris O’Shea has led Centrica to deliver significant benefits to our customers and broader stakeholders,” said Centrica President Scott Wheway.

“We have rescued more than 700,000 customers from bankrupt suppliers; our engineers have bravely stood on the front lines, despite the challenges of Covid, to overcome heating problems for customers. million homes; and we’ve done more than ever to support vulnerable customers in response to the energy price crisis.”

He added: “Our financial progress and these achievements have enabled the CEO’s annual bonus benefit and it is a sign of Chris’ exemplary leadership. intends to deprive this right.”

Across the group, Centrica saw a 20% increase in revenue to £14.7 billion.

The group’s adjusted operating profit more than doubled to £948 million.

Andy Prendegast, GMB union national secretary, said: “It’s good to see Centrica profitable again.
“But GMB won’t forget this comes from a demoralized workforce working longer and harder to provide for them.

“A large portion of this cash has to be reinvested in employees, to help the company hire the staff and engineers it needs to serve millions of customers – not to mention the hydrogen technology needed to cut costs.” future heating.

“The bottom line is, this broken Government energy policy allows profits to skyrocket at the expense of basic needs – while bills skyrocket.”

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https://www.mirror.co.uk/money/breaking-british-gas-pay-back-26315397 British Gas to pay back full £27m bill due to peak profit of £1bn in gas crisis

Fry Electronics Team

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