The post you are reporting:
from the telegraph today.
British Gas has revealed profits of almost £3m a day over the last six months, just weeks after announcing an 18pc hike in the price of gas and 16pc in the cost of electricity to consumers. We look at what the energy industry and analysts are saying.
"Many people are struggling with rising energy costs and when they see suppliers announcing these profits they're bound to question whether we're paying a fair price for our energy. With the latest round of price hikes yet to kick in, now is the time for the Government to decide what sort of energy market we want for consumers.
"A day after Ofgem announced it will fine British Gas £2.5m for the way it deals with customer complaints, the Big Six energy suppliers should be focusing all their efforts on restoring customer trust and helping struggling consumers to manage their fuel costs."
Stephen Fitzpatrick, founder and managing director of Ovo Energy
"Centrica's profits announcement, hot on the heels of its 18pc price hike, is another blow to consumers. Until the Big Six providers fully explain to bill payers where their money is going, consumers will never trust energy companies.
"We want a more open energy market where power is returned to the consumer. Ofgem must take active steps now to enforce transparency and fairness, so the Big Six providers can no longer take customers for granted."
Nick Campbell, analyst at Inenco
"If demand is higher than a supplier has forward bought, it has to buy more gas or power - and if the market price is higher, then its stomach is hit. This is clearly the case with British Gas, as its profits are down year on year.
"It is important to note that the retail and the wholesale arm are separate beasts and therefore if the residential arm is struggling in terms of profitability it generally means the wholesale arm will be successful, as the two dovetail.
"The retail arm has to pay a higher price for the energy from the wholesale market but equally the wholesale arm can sell the power or gas at a higher level."
Sam Laidlaw, Centrica chief executive
"Global events have resulted in a steep increase in commodity prices, with UK wholesale gas prices 30pc higher than last winter. In this challenging market, the resilience of our integrated business model has enabled Centrica to continue to perform well."