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‘Insult to millions’: Shell and Centrica profits cause outrage as energy bills soar

The Guardian

‘Insult to millions’: Shell and Centrica profits cause outrage as energy bills soar

Rob Davies: @ByRobDavies: Thu 28 Jul 2022 18.42 BST

Soaring profits at two of the UK’s biggest energy companies have been described as an “insult” to millions of people struggling amid the cost of living crisis, with high oil and gas prices funding multibillion-pound rewards for their shareholders.

A day after households were warned average annual energy bills could hit £3,850 from January, triple the level at the beginning of this year, Shell and Centrica sparked outrage by announcing huge windfalls.

Shell posted record earnings of $11.4bn (nearly £10bn) for the three-month period from April to June and promised to give shareholders payouts worth £6.5bn.

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