British Gas profits soar

In this interview given to BBC World News, Dr. Carole Nakhle, CEO of Crystol Energy, discusses the surge in the profits of British Gas, the UK’s leading energy supply and in-home servicing provider.

Dr. Carole Nakhle discusses the surge in profits for British Gas in this interview with BBC World News

Key takeaways:

– The surge in profits of British Gas surprised many especially when at the same time energy companies reported a major decline in their profits compared to last year and households energy bills remain elevated.

– British Gas is a distributor of energy, unlike companies like Shell which are involved in the entire supply chain of oil and gas.

– The increase in the gas price cap that Ofgem, the UK’s regulator for electricity and downstream gas markets, introduced last year allowed British Gas to charge higher energy prices especially following the tough period that the company faced during the Covid-19 pandemic and subsequent years, when several energy providers collapsed in the UK.

– The company was subsequently allowed to recover some of the losses it has incurred during the difficult period and which has translated into a surge in profits.

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