British Gas has posted record profits, fuelled by Ofgem’s lucrative allowances in the energy price cap, with the household energy giant reporting a near ten-fold increase in its earnings. The household retailer’s profits have climbed from £98m in the first six months of trading last year to a whopping £969m in the first half of 2023 – above analyst expectations.
It attributes at least £500m of this spike to Ofgem’s decision to allow the recovery of prior period costs for suppliers through raised allowances…British Gas Earnings Jump Ten-Fold In First Half Of 2023
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