British Energy Centrica 2010 profits rise amid severe winter

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British energy company Centrica PLC has reported a sharp rise in full year profit after a severe winter brought it more residential customers.

Centrica, which owns Britain’s biggest household energy supplier British Gas, said Thursday that net profit rose to 1.9 billion pounds ($3.1 billion) in 2010, compared with an 856 million pound profit in 2009.

Revenue was up 2.3 percent at 22.4 billion pounds, from 21.9 billion pounds.

British Gas made record profits of 742 million pounds — a result that is likely to anger consumer groups after Centrica significantly hiked gas and electricity prices in December, blaming soaring wholesale prices.

Chief Executive Sam Laidlaw says the company had put off increasing prices for as long as possible.

Tags: , , , BP OR British Petroleum, British Energy Revenue 2010, britishgas gas, centrica 2010 revenues, centrica eenrgy revenues

Energy | February 27, 2011

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