Centrica, the owner of British Gas, saw its energy marketing and trading division make £1.4 billion in profit during the year, it was reported in July 2023. The figure was attributed to market price movement, according to the End Fuel Poverty Coalition, which cites the reporting in its account of the company's position1.
The same account states that Centrica's underlying operating profits were £814 million for last year, down from £1.55 billion in 2024, with £163 million made from its retail businesses1. The £1.4 billion trading figure relates to a different year and a different part of the business from those results.
The coalition describes Centrica as more than a household supplier. It says that through a strategic import arrangement with Equinor, Centrica effectively controls around 10% of the UK's gas supply, and that it has part-ownership of a key gas import terminal1. It also states that Centrica remains the owner of the Rough gas storage facility, and that storage has sat below optimal levels in recent seasons, with the firm arguing it needs state support1.
"Centrica's profits are still mind boggling sums for people living in fuel poverty."
The coalition adds that British Gas was at the centre of the forced prepayment meter scandal, and that a formal investigation into the firm by Ofgem is still ongoing, almost three years after it was opened1. It says the company has made over £9 billion since the start of the energy crisis in 2020, and that energy firms have generated over £125bn in UK profits since 20201.
| Measure | Figure |
|---|---|
| Energy marketing and trading division profit (reported July 2023) | £1.4 billion |
| Underlying operating profits, last year | £814 million |
| Underlying operating profits, 2024 | £1.55 billion |
| Retail business profits, last year | £163 million |
| Share of UK gas supply controlled via Equinor arrangement | around 10% |
Why it matters for households
Centrica's trading arm profits from movement in wholesale gas and power prices, the same prices that feed through to household bills. The coalition's account links the company's position in gas supply and trading to its influence over a market that households experience mainly when a bill arrives1. For a home's energy independence, the picture is one of reliance on imported gas: the coalition says the UK will soon be unable to meet heating demand from domestically extracted gas, making imported supply and the companies controlling it more critical to national energy security1. It also states that the UK will depend on gas imports for nearly two thirds of its gas needs in five years and almost 100 per cent by 20501. Ownership of storage and import infrastructure sits with the same company, which the coalition says exposes households to supply risks and higher costs when storage is below optimal levels1. How far energy suppliers shape household costs is a continuing question in the supplier market.
What happens next
Ofgem's formal investigation into British Gas over prepayment meter installations remains ongoing, almost three years after it was opened1. No outcome or timetable for that investigation is given in the account.