The energy giants pocketing £420bn profit while millions struggle with ... trends now
Energy giants have pocketed £420billion in profits in just four years as millions of Britons struggle with soaring bills and the cost-of-living crisis - and fat-cat bosses cash in with seven-figure pay-outs.
New figures reveal the staggering amounts made by 20 utility firms since 2020, amid rising inflation as well as Russia's invasion of Ukraine helping to hike prices.
British Gas, Shell and BP are among the British-based companies who have been making the most, while campaigners say many hard-pressed families are struggling to afford to keep the heating on.
Shell has accumulated £38.4billion in global profits since 2020, BP £38.4billion and British Gas's owner Centrica £7.4billion, according to the End Fuel Poverty Coalition.
Norwegian state-owned energy giant Equinor - responsible for more than a quarter of Britain's gas - has made £117.4billion worldwide in those four years.
Campaigners have added up 20 energy firms' income over the past four years - based variously on pre-tax profits, operating profits, net income earnings, underlying replacement cost profit and earnings before interest, taxes, depreciation and amortisation
Energy company chief executives have been taking home annual pay of up to £8million, with one of them even admitting he 'can't justify' how much he gets.
Simon Francis, co-ordinator of the End Fuel Poverty Coalition, said: 'The energy firms are taking us for April fools.
'These numbers may look like fantastic amounts to shareholders, but the reality is that these profits have caused pain and suffering among people living in fuel poverty for the last few years.'
Fiona Waters, spokesperson for the Warm This Winter campaign, said: 'The public are beyond frustrated at being a cash machine for companies who use our broken energy system to cream as much profits as they can out of them, while hard working people are up to their eyeballs in energy debt.'
But Energy UK, which represents generation and supply firms, insisted: 'While some suppliers have returned to profit recently before that - as Ofgem has pointed out - the GB retail sector had collectively lost £4billion over four years.'
Regulator Ofgem's average energy price cap stood at £1,179 a year between October 2019 and March 2020, before rising to an annual £1,928 a year between January 1 and March 31 this year but today dropping to £1,690 until June 30.
MailOnline has taken a look at how much the key players are being paid and the size of their companies' profits on the day many more household bills - including for council tax, broadband, mobile phones and the TV licence - are being increased.
The Mail On Sunday previously revealed last September how bosses of businesses which have fuelled the cost-of-living crisis – such as banks, energy firms and supermarkets – raked in more than £100million in pay and perks.
CentricaGlobal profits since 2020: £7.4billion
Chief executive's pay in 2023: £4.5million
Scottish businessman Chris O'Shea, who took over at British Gas's owner Centrica in early 2020, received £4.5million from the firm last year.
Mr O'Shea, 50, admitted in January to BBC Breakfast presenters Naga Munchetty and Charlie Stayt: 'You can't justify a salary of that size.
'It's a huge amount of money. I am incredibly fortunate .
'I don't set my own pay - that's set by our remuneration committee.'
Andrew Speke, of the High Pay Centre, responded at the time: 'It’s rare for a chief executives to admit their pay is too high, particularly when many FTSE CEOs are complaining that their pay is too low.
'Nevertheless, one would expect someone paid such a huge sum to show greater leadership and responsibility and actively to challenge the pay-setting process, rather than saying he doesn’t deserve it before shrugging and accepting it anyway.
Married father-of-three Mr O'Shea, who lives in a village near Reading, turned down a £1.1million bonus in 2021, having also rejected bonuses in 2019 and 2020.
He was granted £790,000 in pay in 2022 plus an annual bonus of £1.4million and a £2.3million long-term share bonus.
Speaking about his salary in an interview with the Daily Mail last July, he said: 'There is always a focus on pay for chief executives of listed companies. There is far less focus on the value leaking out of companies that are not listed.'
He also apologised after it emerged agents working for British Gas had forced their way into homes of poor and vulnerable people to fit expensive pre-payment meters.
Mr O'Shea told the Mail an investigation had 'highlighted no systemic issues, but a number of points where we have fallen short'.
He added: 'We have brought all the debt
