Yesterday (24 February) British Gas reported a 24% rise in full-year profit to a record £742m, following a 7% price hike in domestic energy bills.
There has been a backlash from politicians and consumer advocates about British Gas’ profit and many have who called for regulator Ofgem to refer the sector to the Competition Commission.
Ofgem is currently investigating the profit margins of the “big six” energy providers, following a series of price rises across the sector. It is due to publish its findings in March.
British Gas says it is reinvesting its profits into helping customers by offering free insulation and credits to vulnerable people.
It also says it is boosting Britain’s job market and helping the economy by contributing over £700m to the country in tax.
The energy company says its plans to invest £15bn over the next 10 years in new energy will also help future generations.
The ad says: “British Gas is a healthy, growing British company. We believe that’s good for our customers, good for our people and good for the future energy needs of Britain.”