£1.4bn profit for British Gas owners

PROFITS for the owners of British Gas rose 12 per cent to £1.4billion last year – despite almost 750,000 UK customers switching energy providers.

Centrica said higher wholesale prices for oil and gas piped from seas around Britain and Norway had driven its positive results. Profits for its UK home energy division were down 19 per cent to £466million, however, as 742,000 families left British Gas amid rising prices.

The exodus could continue after some four million customers were warned their bills will go up by £117 a year from April.

The increase comes after watchdogs raised the cap on standard variable tariffs.