British Gas reports record £969m profit after price cap increase

British Gas was allowed by Ofgen to recoup some of the costs of supplying its 10 million customers during the energy crisis. Photograph: Rui Vieira/PA

British Gas has reported its highest ever first-half profits, of almost £1bn, after the energy watchdog let it claw back more money from household bills.

The UK’s biggest energy supplier reported profits of £969m for the first six months of 2023, up almost 900% from £98m in the same period last year.