British Gas has announced its profits for 2023 increased 10-fold to £750million.
Chris O'Shea, chief executive of British Gas's parent company Centrica, said the firm had "done a lot we can be proud of in 2023", adding it had paid more than £1bn in tax.
British Gas said the jump from £72million in 2022 to £750million was due to regulator Ofgem allowing it to recover losses of £500m it racked up in the aftermath of Russia's invasion of Ukraine.
While oil and gas firms made record profits when energy prices spiked, suppliers that took on the customers of bust retailers made hefty losses.
Overall, Centrica said its profits fell by 17% to £2.8bn.
Mr O'Shea renewed calls for a "social tariff" to enable people on lower incomes to pay less for their gas and electricity.
"The poorest in society are really struggling but it's not just the energy. It's energy, it's rent, it's mortgages, it's food and all manner of costs," he said on a call on Thursday.
"What I'm focused on is how do we fix this in energy and that's why we need a social tariff, that's why we need the standing charge to disappear."
FTSE 100
The UK's flagship share index, the FTSE 100, was xxxxxxx shortly after opening this morning.
Brent crude oil futures was down -0.10% today, trading at $82.78 a barrel.
Companies reporting today
| SEGRO | Full Year Results |
| NatWest | Full Year Results |