British Gas will donate 10 per cent of its profits to help households grapple with soaring energy bills for the “duration of the energy crisis”.
Parent company Centrica took home some £1.34bn in profits in the first six months of the year, representing a vast five-fold increase on earnings of £262m this time 12 months ago.
The scaling profits were not posted without criticism. However, the company has since announced that thousands of customers will receive grants of between £250-£750.
Despite the grants, households energy bills are expected to hit £3,554 per year from October, according to Cornwall Insight’s latest forecast.
In a statement today, British Gas’ owner Centrica chief executive Chris O’Shea said that current inflation levels and the wider cost of living crisis has pushed “all of us to think differently”.
“As a responsible business we want to do more to support our customers during this difficult time… This increased investment in supporting our customers adds to the financial support and advice we already offer and ensures more grants will be available as we go into this winter.”