Thursday, February 24, 2011

pumping gas

Last weekend, I was bemoaning the likes of Barclays Bank.
This morning I see that British Gas announced that its operating profits had risen by 24% in 2010 (just two months after it had increased customers’ domestic energy bills by 7%). During the same period, its parent company Centrica doubled its operating profits to 29%. Don’t get me wrong, I accept that it’s good that businesses make a profit (I ran my own company for nearly 30 years), but I resent this world where the shareholder is king and the customers merely servants to the cause.
Later today, we’ll no doubt see Ofgem (it “regulates” the electricity and gas markets in the UK – “protecting customers is our first priority”) coming out with some sort of justification and, once again, we’ll be left feeling that it’s a terribly unfair world.

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