So, British Gas has announced soaring profits – but what are they doing with all their money? Especially when only 40% of a typical bill actually covers the cost of gas and electricity…
You’ve probably seen this morning’s news that Centrica, owners of British Gas, have recorded profits of over £2 billion, with British Gas up by 24%.
They might say to us that they’re investing some of these profits in our energy for the future. They are forging ahead with the world’s largest meter roll out in replacing our ‘dumb’ meters with ‘smart’ ones.
They’re also increasingly advising us to help our homes be more energy efficient. And, lucky British Gas customers can get ‘free’ insulation and ‘free’ electricity monitors. But it’s not free!
Who really pays for the ‘freebies’?
Check out your next bill and you will see it’s our money that’s often paying for these ‘freebies’. In a typical bill, only around 40% actually covers the cost of gas and electricity, on top of this we also have to pay for ‘levies’ to pay energy suppliers and other companies to give us advice and cut-price energy efficiency products.
Yes, we want successful companies, but we want them to be honest and open about how they are making money from us and how they are spending it. This is the very least we deserve.
When it comes to British Gas and their fellow energy suppliers, they need to do a lot more to convince us that every penny we give them via our bill is being spent wisely. Otherwise we just feel frustrated by these profit announcements.
Oh, and British Gas – you should also consider diverting some of that profit to improving your telephone support…. But I’ll save that rant for another day!