British Gas Profits up 570%

New Labour loves fat cats and wouldn’t be in power without them. Their friends in British Gas have announced a 570% rise in profits. This is great the foreign owned company’s investors. As a public utility they can’t lose because the state would prop them up if in difficulty, like the banks. Mean while customers face a 15% rise in prices. The company made £1,75 million a day in 2007.

But according to the authorities we shouldn’t complain because the power industry giants and industry regulator Ofgem say that the British market is the most competitive in Europe because we can switch suppliers. That may be so, but these money grabbing suppliers follow each other’s price rises.

The suppliers also claim that they need fat profits to invest in green energy. A quick look at their dividends, salaries to their fat cat management and invest ratios undermine this argument. If the suppliers and government disagree, then they an always send us their version of public accounts. British Gas owner Centrica claim that operating margins has been reduced to 1% in the last months of 2007. But profits are profits. Green energy is also a myth. Carbon and nuclear are not green and there are viable alternatives. The real problem is world population growth and the myth of indefinite economic expansion. Green energy is just something to worry and distract the masses with.