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Centrica PLC's British Gas Energy announced Thursday that it would be donating 10% of its profit made during the energy crisis towards grants for customers who are under pressure from rising energy bills.
British Gas generated a pretax profit of £98 million for the first half of 2022, meaning that the initial contribution to the British Gas Energy Support Fund should be £9.8 million.
However, British Gas will increase its contribution to £12 million, to ensure that there is enough available for the winter, when energy usage will be at its highest.
From then on, British Gas will contribute 10% of its interim profit to the fund, which will provide customers with grants expected to average £750 per household.
The announcement comes as industry regulator Ofgem is expected to announce a hefty increase in the energy cap on Friday amid soaring gas prices.
‘The current cost of living crisis requires all of us to think differently. As a responsible business we want to do more to support our customers during this difficult time. Committing 10% of our profits for the duration of the energy crisis will mean we can target help at those who need it the most. This increased investment in supporting our customers adds to the financial support and advice we already offer and ensures more grants will be available as we go into this winter,’ said Centrica Chief Executive Chris O'Shea.
Shares in Centrica were down 1.0% at 81.26 pence on Thursday morning in London.
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