British Gas profits skyrocketed, reaching £751m in 2023, says report.

TLDR: British Gas reported a profit of £751m in 2023, a significant increase from the previous year’s profit of £72m. The company’s parent company, Centrica, also reported total cash returns of £800m to shareholders in 2023. Despite lower seasonal demand and lower volatility in wholesale prices, British Gas saw a tenfold increase in profits. Centrica made an adjusted operating profit of £2.8bn in 2023, compared to £3.3bn in the previous year. The company experienced an 11.2% decline in free cash flow, but saw an increase in adjusted net cash due to strong liquidity and a robust balance sheet. Centrica has taken steps to enhance energy supply security, including extending the lifespan of nuclear power stations, granting a carbon storage license, and increasing gas storage capacity. British Gas Services & Solutions and Irish utility company Bord Gáis are expected to show improved results in 2024.