Comment on Centrica/British Gas profits

Commenting on record profits announced today by Centrica, British Gas's owner, Jess Ralston, Head of Energy at the Energy and Climate Intelligence Unit (ECIU) said: “Government is currently subsidising oil and gas companies to drill more in the North Sea. This will not bring down bills as there isn’t enough gas to move the dial on international market prices. And despite having committed to lift the ban on onshore wind last year, the Government is yet to act.

“Prioritising oil and gas over cheaper renewables and pushing back regulations on insulation in rental homes [1], both of which would bring down bills, is against advice from the International Energy Agency, United Nations and Climate Change Committee. It’s also the opposite of what recent polls say the public want – ahead of the next election, around 1 in 2 voters want more action on climate change.[2]

“Gas companies are still making huge profits at the expensive of British bill payer and tax payers. The OBR has warned the UK's heavy gas dependency could see the national debt go up by 13% of GDP as similar gas price crises happen in future.”

ENDS

Notes to editors:

1. ECIU: Delaying insulation standards could cost private renters £1.4bn: https://eciu.net/media/press-releases/2023/delaying-insulation-standards-could-cost-private-renters-1-4bn
2. Local elections poll: what voters thought about climate/net zero: https://eciu.net/media/press-releases/2023/local-elections-poll-what-voters-thought-about-climate-net-zero

For more information or for interview requests:

George Smeeton, Head of Communications, ECIU, Tel: 07894 571 153, email: george.smeeton@eciu.net