British Gas owner Centrica this morning announced a massive rise in annual profits - more than seven times those of the year before.
The group revealed that adjusted operating profits hit £2.823billion last year, compared to just £392million in 2021.
The latest profits haul is sure to provide even more ammunition to some UK politicians who have been calling for an even-tougher windfall tax on oil and gas producers who benefited from big increases in the price of hydrocarbons following the Russian invasion of Ukraine.
Centrica chief executive Chris O'Shea said: ""Our performance in 2022 demonstrates the benefits of our balanced portfolio and our strong balance sheet.
"The energy crisis and cost-of-living pressures have created a challenging environment for customers and communities, but we have been able to provide much-needed stability and support.
"We invested £75million in supporting our energy customers in 2022, which was greater than the £8 post-tax profit per customer earned by British Gas Energy.
Centrica support
"Whilst customers may see some relief given recent easing of prices, it remains clear that some will continue to need help and we will do what we can to support them in the year ahead."
Centrica highlighted how it was helping customers and communities through the energy crisis, including investing more than £200million in customer service, support and pricing across the company, and also supporting and helping 650,000 customers manage their energy bills since the start of the energy crisis.
The company said it had also paid £1billion in tax relating to 2022 profits.
As well as British Gas, Centrica interests include oil & gas exploration and production assets. The company has a 69% stake in the Spirit Energy business and the Rough gas-storage facility.
At the end of October, Centrica announced the reopening of Rough, having completed significant engineering upgrades over the summer and commissioning over early autumn.
The initial investment programme meant the company had made its first injection of gas into the site in over five years.
Gas-storage volume
Mr O'Shea said at the time: "The work done so far means that Rough is operating at around 20% of its previous capacity this winter, immediately making it the UK's largest gas storage site once again and adding 50% to the UK's gas-storage volume.
"Rough will help to balance the UK's gas market, injecting gas into the facility when prices are low and putting that gas back into the UK's gas network when demand is higher."
Centrica's long-term aim is to turn the Rough gas field into the largest long duration energy storage facility in Europe, capable of storing both natural gas and hydrogen.
- The energy watchdog said yesterday that suppliers' suspension of forced prepayment meter installations will last for the next six weeks.
It was revealed earlier this month that debt agents for British Gas had broken into vulnerable people's homes to force-fit meters.
Ofgem subsequently halted the practice and has now said the suspension will last until the end of March.
The regulator said all domestic suppliers had agreed to do so.
In a letter to suppliers on Wednesday, Ofgem said it would consult on how firms should use prepayment meters and whether rules need to be changed.
The BBC says that remote transfers to prepayment meters must also be halted for six weeks.