Centrica predicts profits

BRITISH Gas owner Centrica has said it expects to post annual earnings at the top of its targets amid intensifying calls for a windfall tax on energy firms.

The company said it has been boosted by “strong” volumes across its nuclear and gas production operations.

Meanwhile, its trading business has also increased volumes of gas and renewable energy to improve UK supply amid pressure from the Russian invasion of Ukraine.

Centrica also told shareholders that it has “managed increased commodity price volatility well” in recent months.

Energy bills for UK households surged this month, after the price cap was increased by 54% to £1,971 per year by regulator Ofgem due to soaring wholesale prices.

Prices had been driven higher by broad inflationary pressures but have continued to escalate due to the conflict in Ukraine.