The owner of British Gas announcing that profits had more than tripled in 2022 to £3.3bn, from £948m in 2021, is in stark contrast to many of its customers who have had to take extreme measures this winter to combat rising fuel bills.

Centrica’s record profits are particularly jarring when you consider pensioners are freezing in their own homes because they are too afraid to turn on the heating because of rising energy bills.

It’s not for this paper to criticise businesses for making profit. In fact, in normal times it is usually a sign of a healthy economy.

But these are not normal times and the unexpected windfall profits for energy firms show that the market is broken. Especially when you consider the pain that consumers have had to endure through the winter.

A gas hob with a bill from British Gas, whose owners, Centrica, reported record profits. PIC: PA

It seems like the scales are tipped in the favour of big energy companies and against the ordinary people who are suffering through no fault of their own.

Worse still, this announcement comes off the back of energy regulator Ofgem opening an urgent inquiry into the company force-fitting prepayment meters in the homes of vulnerable customers unable to pay their bills.

While Labour has called for a more meaningful Windfall Tax, at this stage is that even going to be enough?

There needs to be a review into the energy crisis and what is clearly a broken energy market. Fuel poverty is spreading across the country.

And until the energy market undergoes fundamental reform, more and more vulnerable people will suffer.

British Gas owner’s windfall profits show need for market reform - The Yorkshire Post says