“First it was Shell with their massive increase in profits to £32.2bn, then BP with their excessive profits of £23bn and now we have British Gas tripling their profits to £3.3billion – enough is enough, the profiteering comes as ordinary households are struggling to keep their homes warm,” said Natalie Don MSP.
The SNP has repeated calls for the UK government to slash household energy bills by at least twenty per cent as energy company profits continue to soar.
British Gas owners, Centrica, became the latest firm to announce huge profits in 2022, tripling the £948m it made in 2021 to make £3.3bn.
It comes as BP, Shell, Exxon and other major energy companies report record profits – and the Tory government refuses to expand the windfall tax or follow the lead of other countries in taxing the billions of pounds funnelled through share buybacks.
Despite the profits, households' energy bills are set to rise, with the UK government planning to increase the cost of the Energy Price Guarantee (EPG) by 20% from £2,500 to £3,000, for typical annual consumption.
In March, the £400 Energy Bill Support Scheme, a crucial lifeline for struggling households, will also be scrapped.
Natalie Don MSP added:
“Scotland is an energy-rich country yet, through Tory inaction and greed, the people of Scotland are being forced to pay excessive energy prices. We are an energy-rich country but don’t have the power to stop the profiteering of the energy companies.
Natalie Don MSP
“It is particularly sickening that while raking in this massive increase in profits, the company behind British Gas - Centrica – was behind the scandal of using aggressive debt collection agencies to force their way into the homes of vulnerable customers to install expensive pre-payment meters.
“The Tory UK government has the power to make a real difference by cutting energy bills and actually help households through the cost of living crisis which they created, instead though they are allowing households to suffer while energy companies post record profits.
“Instead of protecting households from excessive energy costs, the UK Tory Government have sided with the profiteering energy companies, protecting their profits and shareholders to the detriment of households struggling to heat their homes.
“It’s time the UK Tory government stepped in and tackled this issue properly, and that would mean a real cut in bills by at least 20%. More and more households will find themselves in fuel poverty over the inaction of the Tories.
“The Scottish Government needs the real powers of independence to ensure that no household struggles to heat their home while energy companies are flaunting their record-breaking profits.”