British Gas owner Centrica saw profits jump to more than £3bn for 2022 - news that sparked fierce criticism from one union leader as the cost of living crisis goes on.
The energy group reported underlying operating profits of £3.3bn, up from £948m in 2021.
Underlying earnings for the group - stripping out its Spirit Energy businesses that were sold - jumped to £2.8bn from £392m the previous year.
Centrica said it paid nearly £1bn in tax relating to 2022 profits. But it also revealed plans to boost its share buyback programme by another £300m and plans to pay out a full-year dividend of 3p a share.
It's the latest in a series of announcements of massive profits in the energy sector and has resulted in calls for more windfall taxes.
Centrica has also faced anger over its use of debt collectors to install expensive pre-payment meters in the homes of vulnerable cash-strapped customers. The scandal sparked an urgent inquiry by regulator Ofgem.
Trade union Unite hit out at “rampaging energy profiteering” and Centrica’s treatment of customers.
Its general secretary Sharon Graham said: “British Gas owner Centrica has been coining it in from our massive energy bills while sending bailiffs to prey on vulnerable consumers the length and breadth of the country.
“These energy companies are showing us everything that is wrong with the UK’s broken economy.
“Rishi Sunak should get a grip – pull the plug on rampaging energy profiteering, impose a meaningful, tough windfall tax and give the NHS a pay rise with the proceeds.”
Shadow climate secretary Ed Miliband hit out at the Government as he promised that Labour would introduce a “proper” windfall tax on energy companies.
“It cannot be right that, as oil and gas giants rake in the windfalls of war, Rishi Sunak’s Conservatives refuse to implement a proper windfall tax that would make them pay their fair share,” Mr Miliband tweeted.
“Labour would use a real windfall tax to stop the energy price cap going up in April.”
In the figures, Centrica said it was “extremely disappointed” by the pre-payment meter allegations over the tactics used by the debt collectors it employed.
“We immediately took action to address this and are completing a thorough independent investigation,” it added.
Centrica’s results showed it made operating profits of £72m at its British Gas retail division, British Gas Energy, but this was down 39% on the year before.
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