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British Gas needs to show prices are fair

Energy giant's profits up 23%

Which? is calling on energy suppliers to show that consumers are getting a good deal, as British Gas announces profits of £563m in its residential and business sectors.

Today British Gas announced a 23% increase in profits from residential customers.

Which? executive director, Richard Lloyd, said: ‘Many people are struggling with rising energy costs and, when they see suppliers announcing big profits, they’re bound to question whether they’re paying a fair price for their energy.

‘Suppliers need to be more transparent to show consumers they’re giving them a good deal. People should also remember they can vote with their feet and save money by switching.’

Enter your postcode at Visit Which? Switch to find out how much you could save by switching gas and electricity supplier.

Price rises on the way?

In its interim announcement, Centrica, which owns British Gas, said it had increased profits on residential supplies by 23% and services by 14%.

It said that it aims to grow its profits in the coming months. Earlier this year Centrica warned consumers that they could see their bills rise by £50 this coming winter as prices are likely to rise by 15%.

British Gas customer satisfaction

While profits have risen at British Gas, the Which? Switch energy companies satisfaction survey placed the energy firm in the bottom half of the league table, and it got a low score for value for money.

British Gas has nearly 16 million consumers but smaller firms may offer better value for household fuel bills and for energy services – find out which company offers the best deal for you at  Which? Switch.

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