Centrica will use extra profit to keep prices down

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Scottish Gas-owner Centrica this morning pledged to use the extra profit it has generated from the “exceptionally-cold winter” to keep prices down for its customers.

In a trading update ahead of its annual general meeting (AGM), the FTSE 100 company said that the amount of gas used by the average household rose by 18 per cent over the first four months of the year.

The average amount of electricity used increased by 3 per cent.

Centrica – which trades as British Gas south of the Border – said: “Recognising the economic pressures facing many of our customers, the board has determined that any benefit arising from the exceptionally-cold weather will be used to maintain our price competitiveness.

“As a result of this decision, we expect the residential energy supply business to deliver an operating profit for the full year in line with expectations, weighted towards the first half.”

Ann Robinson, director of consumer policy at price comparison website uSwitch, said: “This is welcome news when the majority of consumers are struggling to pay their household energy bills.

“British Gas has recognised the pressure facing customers and is using the financial gain from the extended cold weather to maintain its competitiveness.

“In plain English, this means that British Gas customers should expect no further increase in prices at least for the foreseeable future.”