British Gas pledges to donate portion of profit amid expected price increases

manchestereveningnews.co.uk:

British Gas has announced its intentions to donate 10 per cent of its profits as households brace for soaring energy bills. The company says the money will be provided through the British Gas Energy Support Fund which provides grants for those who need it most.

Thousands of customers will be set to receive an average of £750 per household, according to the firm. It comes after energy regulator Ofgem prepares its plans to announce a potential huge rise in the energy cap on Friday as global gas prices continue to rise.

Bills for the average households could increase by 80 per cent throughout the winter period, with analysts at Cornwall Insight predicting average costs will increase to £3,554 in October and £4,650 in January. Read more: What a smart meter is and how to get one installed The British Chambers of Commerce (BCC) has urged ministers to provide more power to Ofgem, cut VAT, and introduce emergency grants to help enterprises deal with skyrocketing costs.

British Gas enjoyed high pre-tax profits of £98 million in the first half of 2022 - this would equate its donations to £9.8 million.