Inquiry As British Gas Profits Soar To £571m

Group-wide earnings for Centrica, which owns British Gas and Scottish Gas, rose to a record £1.95 billion, guaranteeing huge bonuses for bosses. The profits came after a year which saw the wholesale price of gas fall between January and March – but no cut in household bills as a result. Communities minister Stewart Maxwell spoke out about the profits, saying the big suppliers should take account of the impact on their customers. “While I appreciate that profits are needed to invest in the future of the energy industry, the cost of fuel is the single greatest contributing factor towards fuel poverty.” Adam Scorer, of consumer lobby group Energywatch, said: “Customers will want to tear their hair out when they hear the scale of these profits and compare them with their rising bills.” Much of the bumper profit was raked in during early 2007 when low wholesale prices were not matched by lower household bills. Joe Malinowski, who runs website, energyshop.com, said: “The first half-year profit was absolutely extraordinary.” ... http://news.scotsman.com/scotland/Inquiry-as-British-Gas-profits.3805123.jp

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