British Gas to donate 10% of profits to support struggling customers

By Muhammad Mussa

LONDON (AA) - British Gas on Thursday announced it will donate 10% of its profits to customers struggling with skyrocketing energy bills and cost of living.

The company, one of the UK’s largest energy suppliers, and its owner, Centrica, will allocate the money to an existing support fund that will further increase existing help given to struggling customers.

“As a responsible business we want to do more to support our customers during this difficult time,” Centrica’s Chief Executive Chris O'Shea said in a statement.

"This increased investment in supporting our customers adds to the financial support and advice we already offer and ensures more grants will be available as we go into this winter,” O’Shea added.

As a result of the support fund, customers are expected to receive grants between £250 and £750 ($296-$888). However, as British Gas earns billions in profits every year, it is argued these grants are a small fraction.

Energy prices across England, Scotland and Wales are expected to increase in October this year.

The average energy bill is expected to rise to £3,553 a year, up from the £1,971 that households currently pay. The energy price cap is expected to rise further in January and April the following year.