British Gas announced that it has doubled its profits in the first half of this year, making more in the first six months of 2015 than it did in the whole of the previous year.
Despite this huge sum, British Gas’ parent company Centrica revealed that its profits fell by 1% to £1bn. It has today announced it will be cutting 6,000 jobs from within both Centrica and British Gas.
Check you’re not overpaying – find the best energy deal with our independent comparison site Which? Switch.
Which? view on British Gas profits
Which? executive director, Richard Lloyd said: ‘With British Gas profits high and wholesale prices low, customers will no doubt wonder why cuts to their bills haven’t gone further, and haven’t included electricity.
‘The CMA (Competition and Markets Authority) has recently confirmed that household bills should be lower if the energy market was truly competitive.
‘Following the CMA’s blistering assessment of this sector, we expect big suppliers to pass on falling costs to their customers quickly and fairly.’
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Energy bills should be lower
In February, we revealed that energy bills have not kept in line with falling wholesale prices,
The CMA published the results of its investigation into the energy market earlier this month. It found that tariffs offered by the big six energy suppliers, who own more than 90% of the market, were around 5% higher than they should have been between 2009 and 2013.
This inquiry also found that dual fuel customers could save an average of £160 a year by switching to a cheaper tariff.
Find out how you can save money on your energy bills with our how to cut your energy bills guide.