British Gas first-half profits jump almost 10-fold

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Centrica has reported an almost 10-fold surge in first-half profits at British Gas, the UK’s largest household energy supplier.

The company said on Thursday that margins at British Gas, which has almost 7.5mn customers, had been boosted by higher gas and electricity prices.

Profits at British Gas were also buoyed by about £500mn after Ofgem allowed the company to recover costs incurred when the price cap set by the energy regulator was too low to fully account for costs faced by suppliers.

Adjusted operating profits at British Gas climbed from £98mn in the first half of 2022 to £969mn in the first six months of this year. At the group level, Centrica reported adjusted operating profit of £2.1bn, up from £1.3bn in 2022.