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Outrage at British Gas owner's £144m dividend

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Published Date: 01 August 2008
THE owner of British Gas provoked fury yesterday when it announced half-year profits of £992 million – only a day after hitting millions of customers with a record increase in bills.
Parent firm Centrica announced a £144.6 million dividend pay-out for its shareholders while customers were still reeling from the news their gas bills were to jump by 35 per cent.

Adam Scorer, Energywatch campaigns director, said: "Customers will be outraged to learn that while they ponder how to make ends meet Centrica's shareholders are enjoying an increase in their dividends."

Stewart Maxwell, Holyrood communities minister, said although he refused to condemn the company for making money, the price hikes will "just make things much worse" for those already struggling with fuel poverty.

Royal Dutch Shell yesterday recorded a surplus of almost £8 billion for six months trading thanks to surging wholesale prices.

Sam Laidlaw, Centrica's chief executive, defended the dividend as a "purely mechanical" pay-out based on the company's strong performance during the previous year. He said the group had to reflect shareholder interests as well as customers'.





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  • Last Updated: 31 July 2008 10:14 PM
  • Source: The Scotsman
  • Location: Edinburgh
  • Related Topics: Scottish Gas
 
1

Evia,

01/08/2008 01:01:48
Re-nationalise the essential things like gas, electricity and other utilities. I thought when Thatcher came to power that things would improve but how wrong I was. She destroyed British industry.
2

Pilrig.,

Livingston 01/08/2008 05:52:04
And Nu Lab want to give her a state funeral ! Hasn't she ripprd off the taxpayer enough ?
3

Cappo Del Monte,

01/08/2008 06:44:16
Ah isnt it good to see a British Company making money, am so so so glad i kept me shares in this company, great profits to come.

#2

Maggie was a true visionary and great great prime minister, possibly as good a Churchill
4

Marian,

01/08/2008 16:59:51
The Times of 1 August 2008 reported that “Britain has squandered its natural resources wealth in the North Sea and is paying for its failure to plan for the future, according to Sam Laidlaw, the chief executive of Centrica, the owner of British Gas.

Mr Laidlaw said that other countries, such as Norway, had prepared for depletion of their oil and gas reserves more effectively than Britain. “If you look at where oil prices are, those that have kept their reserves in the ground [are in a better position],” he told The Times. “They have proved to be much more valuable. Unfortunately that [opportunity] is now over.”

“Four years after becoming a net gas importer, Britain still has one of the lowest levels of gas storage capacity in Europe – enough to supply consumers for about two weeks. That is equivalent to 4 per cent of annual demand, against 20 per cent in France and Germany. Analysts say that this is a key factor amplifying volatility in the wholesale gas market.”

He said that Britain’s failure to invest proceeds from the North Sea in a sovereign wealth fund or to construct adequate gas storage capacity to prepare for rising imports all pointed to insufficient forward planning.”
5

Paula,

01/08/2008 23:35:55
We need to turn up at his house this winter to get a heat, stand outside the window and watch him feast on his greed.

 

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