Researchers examined the declared profits of the 20 energy firms the End Fuel Poverty Coalition is most asked to comment on. This sample of the industry ranges from energy producers (such as Equinor and Shell) through to the firms that control our energy grid (such as National Grid, UK Power Networks and Cadent) as well as suppliers (such as British Gas). It does not include supply chains nor market trading firms. Updates published on:
| COMPANY (profit type) | FY ending in 2020 | FY ending in 2021 | FY ending in 2022 | FY ending in 2023 | FY ending in 2024 [interims included where available] | TOTAL SINCE ENERGY BILLS CRISIS |
| GROUP RESULTS FOR FIRMS PROFITING FROM ENERGY CRISIS | ||||||
| SSE (Group – Pretax profit adjusted) | £1,023,400,000 | £1,064,900,000 | £1,164,000,000 | £2,183,600,000 | £2,174,700,000 | £7,610,600,000 |
| Cadent (Group – Operating profit) | £924,000,000 | £901,000,000 | £685,000,000 | £945,000,000 | £893,000,000 | £4,348,000,000 |
| Electricity North West (Pre tax profit) | £145,600,000 | £64,800,000 | £26,000,000 | £195,000,000 | Not available yet | £431,400,000 |
| Northern Powergrid (Net income / earnings) | £158,790,000 | £195,130,000 | £304,150,000 | £136,670,000 | £117,710,000 | £912,450,000 |
| National Gas Transmission (Operating profit) | £475,000,000 | £484,000,000 | £512,000,000 | £619,000,000 | £895,000,000 | £2,985,000,000 |
| UK Power Networks (EBITDA) | £1,270,200,000 | £1,294,300,000 | £1,328,900,000 | £1,410,400,000 | £1,169,500,000 | £6,473,300,000 |
| Northern Gas Networks (Group Operating Profit) | £213,246,000 | £157,642,000 | £151,142,000 | £210,687,000 | Not available yet | £732,717,000 |
| SGN (Operating profits) | £600,600,000 | £526,500,000 | £364,300,000 | £439,500,000 | £256,000,000 | £2,186,900,000 |
| Ovo Energy (Operating profits) | -£238,000,000 | £367,000,000 | -£1,582,000,000 | Not available yet | Not available yet | -£1,453,000,000 |
| Octopus Energy (Operating profits) | -£47,910,000 | -£117,400,000 | -£188,400,000 | £243,300,000 | Not available yet | -£110,410,000 |
| Shell (Profit/Adjusted Earnings) | £3,828,340,000 | £15,238,310,000 | £31,497,300,000 | £22,317,500,000 | £11,628,800,000 | £84,510,250,000 |
| BP (Underlying Replacement Cost Profit (URCP)) | -£4,495,100,000 | £10,123,850,000 | £21,845,870,000 | £10,930,440,000 | £6,098,010,000 | £44,503,070,000 |
| Equinor (Adjusted Earnings) | £3,111,020,000 | £26,453,940,000 | £59,202,600,000 | £28,613,800,000 | £11,860,270,000 | £129,241,630,000 |
| Centrica (Adjusted Operating Profit) | £447,000,000 | £948,000,000 | £3,308,000,000 | £2,752,000,000 | £1,035,000,000 | £7,455,000,000 |
| National Grid (Statutory Pre-Tax Profit) | £1,754,000,000 | £2,083,000,000 | £3,441,000,000 | £3,590,000,000 | £3,048,000,000 | £13,916,000,000 |
| EDF (EBITDA)* | £13,909,640,000 | £15,484,300,000 | -£4,287,960,000 | £34,337,220,000 | £16,071,680,000 | £75,514,880,000 |
| EON (EBITDA) | £5,938,300,000 | £6,784,540,000 | £6,930,740,000 | £8,058,200,000 | £2,360,700,000 | £30,072,480,000 |
| Iberdrola (EBITDA) | £8,608,772,000 | £10,324,902,000 | £11,376,166,000 | £12,398,620,000 | £5,037,020,000 | £47,745,480,000 |
| Drax (Group – pre tax profit) | -£235,000,000 | £122,000,000 | £78,000,000 | £796,000,000 | Not available yet | £761,000,000 |
| Wales & West (pre tax profit) | -£24,400,000 | £25,900,000 | -£176,900,000 | £263,100,000 | Not available yet | £87,700,000 |
| £457,924,447,000 | ||||||
All currency conversions are based on conversion rates on XE.com on 1 April 2024.
* EDF claim that since 2018, the firm has invested double what it has made back into Britain, investing £2 for every £1 it has made. In 2023 EDF spent £3.6bn strengthening the country’s energy security and boosting jobs, compared to £3.4bn profit from the UK business.
If any firm wishes to correct the records, please email info@endfuelpoverty.org.uk.
The data was compiled by freelance business journalist David Craik. David’s experience has included writing business and city news and features for national newspapers and magazines such as The Daily Mirror, Sunday Times, Wall Street Journal, Scotsman and Daily Express. Much of his content focuses on company financial results and reports in the energy sector and on personal finance issues including wealth management, property, investing and managing household budgets and bills.