Centrica has announced record annual profits of £1.5 billion, an 11 per cent increase over the previous year.
The company owns British Gas, which recently revealed plans for a 22 per cent increase in consumer bills. Centrica defended the profits as coming from gas production and storage, whereas British Gas saw a loss of 63%.
Centrica said in their results statement, “Wholesale commodity prices escalated to unprecedented levels in 2005 creating considerable challenges for management in an increasingly competitive marketplace. Against this background we delivered a strong financial performance in the year.”
2005 saw Centrica acquire Dutch energy retailer Oxxio and a controlling stake in SPE, a Belgian generator. It also sold Onetel.
First seven members join NG’s Great Grid Partnership
Agreed. It is all pretentious posturing and trite branding with no meaning or gravitas. Prepare to be disappointed by all of these greats/grates.