British Gas to donate 10% of profits to help poorest customers pay energy bills
The boss of Centrica, the owner of British Gas, has said they will donate 10% of their profits to help their poorest customers pay their energy bills.
Ahead of the price cap announcement by Ofgem on Friday Chris O'Shea wrote in the Sun that "we will do everything we can to help – we have to."
He said British Gas would give £12 million to its support fund from its profits this autumn and would be donating a further 10% of its profits every six months until the crisis is over.
British Gas already donated £6 million earlier this year to its support fund.
Mr O'Shea claimed the money alongside its investment in call centres, apprentices, Warm Homes Discount payment will mean it has spent "£100 million to support and help customers during this difficult time."
He acknowledged "we won’t be able to help everyone" but will give targeted support to the people struggling the most.
Grants in most cases ranging between £250 to £750 will be offered to those who are accepted.
O'Shea earlier this year said he would only take his £775,000 annual salary this year and refused his £1.1million bonus.
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The support will be welcome but earlier this week it was predicted by Scottish Power said it could cost £100bn to help the country through the energy crisis.
EDF Energy's managing director warned earlier this week Britons face a “dramatic and catastrophic winter.”
Managing director Philippe Commaret told ITV News he is "very concerned" for customers and said the level of support the government has provided doesn't nearly go far enough.
“What we face in January is that more than half of the UK households will be in fuel poverty," he said.
Last month Centrica reported its profits had ballooned five-fold to £1.34 billion.
This was a significant increase compared with £262 million in the same six months a year earlier.