28.05.10 Centrica profits up after cold weather
Most of the country may have suffered from the bitterly cold weather to strike the UK in the first part of the year. But what was bad news for many was good news for the gas companies. Now Centrica, the owner of British Gas, has revealed that it saw a 7% rise in the use of gas during the first three months of the year compared to 2009.
This was not the only good news for the power giant as it also saw its electricity use rise by 2% compared to last year. And on top of that, British Gas revealed that its price cuts had been responsible for a large increase in its overall customer numbers. British Gas cut its bills by 7% in February, and now it says that this has led to 200,000 more residential customers.
For the first six months of last year, British Gas boasted a large operating profit of £299 million, which was up an enormous 80% from 2008. It is now suggesting that it could beat even these record profits when its figures are revealed.
All this of course will see increased pressure from consumer groups for British Gas to cut its bills further. Bills are still incredibly high for many, and it will do the company no favours to keep the prices high if they are going to make record profits.
If British Gas does reduce its bills then this will be good news for customers across the country, because the other major power companies generally follow its lead.
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