British Gas Huge profits

Butterfly_Brain

So BG have made 58% profit this year what a lovely thing for their shareholders - it's a shame they have only passed on 7% in cuts to customers.
Offwatt is as much use as a chocolate fireguard and should have more powers to stop these unfair prices from all of the energy companies or close them down:mad:

Antispam

Correction 7% to some customers not all, just those on standard tariff which tend to charge the highest rates

Mrs_Thrify

It is so sad when you here stories like theese and the MP's riches.
The greed in some make povity for others.:(

spiro

The government decided to seel the countries silver and now we have to pay for it. What you'll never know is how much the other 5 of the big 6 make in the UK because they are not UK owned.

That said I know someone who lives in Spain and he thinks our elec prices are cheap.

Cardew

Their profit increased by 58%, not a 58% profit.

Anyone care to hazard a guess at the profit per account BG made?

penrhyn

Would that be £3.00?

JennyR68

A measly £595 million. £219 million more than last year. What size is their customer base?

Mr_K

This is fantastic news. Thanks for all your money,
really looking forward to my dividend this year.

from a grateful BG shareholder (and EDF customer )

Premier_2

I'd be surprised if any UK energy company is not going to be making huge profits this year when, after hiking prices due to a surge in wholesale prices, failed to reduce them equally when wholesale prices soon slumped. And all this during the coldest winter for the last 30 years.

There will be one company not making any profit though ... but since they also charge similar high prices, I suppose they'll be having a huge surplus instead :cool:

Cardew

penrhyn wrote: »

Would that be £3.00?

Correct!

Well £3 a month per household; so £36 a year.

So lets get this in perspective; if BG made zero profit - i.e. zilch/nothing - BG customers would have their bills reduced by £36 a year. From the hysteria generated in the media anyone would think that BG could cut bills by 58%.

It is of course an argument that Centrica the parent company - the supply arm rather than the distribution arm - made even bigger profits.

However they supply all over Europe, North America as well as UK and obviously not only to British Gas.

So one could argue that they should subsidise BG(and hence their customers) and supply them with cheap gas and electricity at prices well below that which the supply other markets.

I suspect if Centrica were allowed to do so, they wouldn't hesitate! Kill off the smaller companies and get an even bigger share of the market!

Whether £36 per year profit per household is excessive or not is for people to make up their own minds. However I do find it strange that the media seem to concentrate on BG on the same day as RBS announced that with Government approval they are awarding bonuses totalling £1.3 billion to staff who only lost us, the taxpayer, £3.6 billion.

So we(84% of RBS is owned by the taxpayer) paid a few bankers over twice as much in bonuses as BG made in profit last year.

Perspective?

Mankysteve

julie_d wrote: »

It is so sad when you here stories like theese and the MP's riches.
The greed in some make povity for others.:(

There a private company this what there meant to do.. Why do people act all shocked when this happens.

Welcome to capitalism The people with the money get every thing every one else gets done over.

I cant remember who said it but we are current knowledge we should be able to come up with a better method than capitalism or communism.