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Consumer watchdog urges lower bills as British Gas profits rise Consumer Focus today responded to the news that British Gas residential profits for last year were £595 million, up from £376m in 2008, by calling for immediate and significant price cuts across the market. The consumer watchdog said that the financial health enjoyed by British Gas owner Centrica and other energy companies, combined with tumbling wholesale costs, meant that the energy companies should now play fair and cut customer bills. Centrica, which owns Britain's biggest domestic energy supplier British Gas, reported adjusted operating profit of £1.86 billion on sales five percent higher at £21.96 Bn. Centrica chief executive Sam Laidlaw said British Gas's profit margin had been about 8 per cent for 2009 and the company was aiming for about 7 per cent this year. The group also said British Gas would create 1,100 jobs in 2010. Yesterday Ofgem chief executive Alistair Buchanan told Parliament that in the current circumstances energy suppliers would be "foolish" if they "shortchanged" their customers. Source: Utility Week © Faversham House Group Ltd 2010. News articles may be copied or forwarded
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