British Gas has reported a 58% jump in profits, representing a record high, its parent company Centrica has said.
British Gas’s residential arm saw operating profit jump to £595m in 2009, from £376m in 2008.
Adjusted operating profit at Centrica, British Gas’s parent company went down by 7% to £1.86bn.
In early February 2010, the energy supplier cut its gas prices by 7%, with claims it had become the cheapest major gas and power supplier in the UK.
Centrica chief executive Sam Laidlaw said that BG was pressured by commodity price rises in 2008.
“With the price reduction that we have just made we’ve passed reductions [in wholesale prices] back to consumer prices,” Laidlaw told the BBC.
British Gas is the UK’s largest energy supplier that gained 141,000 residential customers in 2009 taking the total number of households it serves to 15.7m.