Thursday, February 21, 2008

British Gas profits pits CBI against consumers

By Richard Alleyne Last Updated: 2:39pm GMT 21/02/2008

Britain's biggest business lobby has taken the unusual step today of defending the five-fold increase in profits at British Gas against a wave of anger from consumer groups.
Profits at British Gas, which is owned by Centrica, jumped to £571m last year from £95m in 2006.
But the bonanza for shareholders is unlikely to lead to a drop in domestic prices the company said, because of soaring and volatile wholesale energy costs. It warned that millions of homeowners face higher energy bills for the foreseeable future.

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