British Gas to donate 10 percent of profits to help customers which trebles customer support package
- British Gas Energy will donate 10 percent of all profits to the British Gas Energy Support Fund to provide grants to customers for the duration of the energy crisis
- An immediate £12 million donation will boost the fund – this is double the previous contribution and more than 10 percent of first half pre-tax profits
- Grants are expected to average £750 per household supported and go to thousands of customers most in need
- British Gas will also continue to support all UK energy consumers with its annual £6m investment in the British Gas Energy Trust to provide grants and money advice to all energy customers
British Gas is increasing its support for customers in advance of a rise in energy tariffs expected to be announced by Ofgem. British Gas will contribute 10 percent of energy supply profits to the British Gas Energy Support Fund for the duration of the energy crisis, backdated to the start of 2022. This will help the most financially vulnerable customers who are struggling to pay their bills this winter.
In order to boost the fund, the initial contribution will be £12 million which is higher than 10 percent of profits. It is also double the previous contribution and makes this the biggest voluntary aid package offered by a UK energy supplier to its customer. This takes the total amount contributed to the British Gas Energy Support Fund to £18 million over the last 8 months.
Chris O’Shea, Chief Executive of Centrica, parent company of British Gas Energy said: “The current cost of living crisis requires all of us to think differently. As a responsible business we want to do more to support our customers during this difficult time. Committing ten percent of our profits for the duration of the energy crisis will mean we can target help at those who need it the most. 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.
“We’re proud to have put together a £25+ million customer support package which will grow: so far, we’ve donated £18 million to the British Gas Energy Support Fund; we contribute £6 million annually to the British Gas Energy Trust for all consumers; and an additional £2 million investment was made through the British Gas Energy Trust to fund another 20 money advice centres.”
With pre-tax profits of £98 million in the first half of 2022 for British Gas Energy, the initial contribution of 10 percent would be £9.8 million. However, the company has increased this to £12 million to ensure there is more available this winter.
The company has a long history of supporting customers in a number of ways financially and providing advice on how to make their homes more energy efficient to manage their bills. Every year the British Gas Energy Trust, an independent charity solely funded by British Gas, delivers advice and support services for all UK energy consumers and last year provided £1.8 million of debt relief, emergency fuel vouchers, and grants to replace boilers, with a further £3.6 million of funding provided to other organisations who offer advice and financial support.
As well as the annual funding of £6 million, an additional £2 million investment with the British Gas Energy Trust was made this year to fund 20 more money advice centres. These advice centres provide each visitor with an average of an £950 added to their yearly income – improving their finances in the longer term.
Jessica Taplin, CEO of British Gas Energy Trust said:
‘We’re delighted to receive this financial boost from British Gas which will enable us to support tens of thousands of households in need this winter and beyond.
As a charitable trust we’re helping thousands of people every month who are struggling with bills including energy costs – we know that many people in debt feel they have nowhere else to turn. But help is often available – whether it’s through grants or through charities who provide money and energy advice.
Advisors listen and support with household budgets and energy efficiency, they can help people access support such as unclaimed benefits as well as managing debt – this huge amount of new funding will help us to support tens of thousands more households at risk and in fuel poverty.”