Energy giant BP has reported huge profits of £6.9billion between April and June as families are left facing sky-high bills during a cost of living crisis.
The amount is the second highest in the company’s history. It’s triple the figure made in the same three months last year.
It covers the period directly after the energy price cap increased by 54 per cent – £693 for most households – a record rise. The monthly rise in both gas and electricity prices were by far the largest recorded since 1988.
Citizens Advice revealed last week it has seen a “truly unprecedented number of people who can’t afford to top up their prepayment energy meter”. That means they can’t afford to turn on their fridge or heat their hob. By the end of June, more people had approached Citizens Advice about their energy bills than in each of the past three years.
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BP CEO Bernard Looney said the company has worked to solve an “energy trilemma” and introduce “secure, affordable and lower carbon energy”. He claimed BP is “investing to accelerate the energy transition”.
But Looney also likened BP to a “cash machine” in November – when their profits leapt to $4.1bn. The BP boss’s pay was £4.5m in 2021. He received a £1.3m annual salary and £2.4m in bonuses.