UK gas major Centrica's profits soar amid sky-high energy prices
Soaring gas prices amid Russia-Ukraine war have driven Centrica's profits
Sky-high energy prices and historic inflation may have caused financial woes to ordinary Britishers but the multinational oil and gas companies are having a payday. Reportedly, British Gas giant Centrica has posted operating profits of $1.5 million in the first six months of the year, up $283 million from a year ago.
The profits come on the heels of wholesale gas prices in the continent hitting new record highs, ever since Russia decided to invade Ukraine in February, earlier this year.
Read More:UK: Highest shop price inflation in nearly 17 years
Moreover, the company's profits were boosted by selling its assets. The British major solid its Spirit Energy’s Norwegian and Statfjord UK oil and gas assets this year to register impressive numbers.
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Reportedly, after not sharing dividends in 2020, Centrica is expected to pay a dividend of $1.2 per share to its shareholders, totalling $71.5 million.
While the company made fivefold profits, its chief executive Chris O’Shea warned that the UK was about to face a difficult winter where average household winter bills could rise to $5,000.
Watch:UK: Nearly 40,000 rail, maritime and transport workers on strike
When asked what the company was doing to help the customers facing hardships, Chris stated:
The war between Ukraine and Russia has hit Europe the hardest. Up until last year,Russia supplied the European Union, which the UK was part of once,with 40 per centof its gas needs. However, that figure has dropped drastically this year as Russia continues to use its position of leverage to hurt Europe for supporting Ukraine.
(With inputs from agencies)
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