The owner of British Gas reported runaway profits on Thursday as high energy costs and changes in government rules brought in almost £1 billion for parent company Centrica.
Results for the first half of the year showed British Gas profits rising sharply from £98 million ($127.3 million) to £969 million, an increase of 889 per cent.
Centrica said about £500 million of this related to changes in a UK price cap, which allowed suppliers to recoup previously lost costs.
High prices "naturally also drove" higher margins but the vast profits were "mainly due to one-off factors", it said.
The company's shares were up 5 per cent in early trading.
Chief executive Chris O'Shea said the company would invest profits in the energy transition, amid anger at the bumper profits.
"Our robust balance sheet has allowed us to invest heavily in the UK and Ireland's energy security and will make sure that our customers have cleaner energy at the right price," he said.
"Today's results allow us to increase our customer support package to more than £100 million and the new green investment strategy we've announced will see us invest several billion pounds in energy transition, creating thousands of new well-paid jobs."
Shell separately said it made $5.1 billion in the second quarter, in what it called a strong performance despite a drop since the January to March period.
It raised dividends for shareholders by 15 per cent despite what chief executive Wael Sawan said were lower commodity prices and seasonally lower trading.
The announcements come with inflation in the UK at 9.5 per cent and voter frustration high about the cost of living. Energy prices have been high for more than a year amid a supply squeeze exacerbated by Russia's invasion of Ukraine.
"Good luck to these companies if they make investments and make profits but these are unearned, unexpected profits," Labour's shadow climate minister Ed Miliband told BBC Breakfast.
"The energy companies should be made to pay their fair share so we can tackle the cost-of-living crisis."
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Roll of honour
Who has won what so far in the West Asia Premiership season?
Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain
Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons
West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins
UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles
West Asia Cup - Winners: Bahrain; Runners up: Dubai Exiles
West Asia Trophy - Winners: Dubai Hurricanes; Runners up: DSC Eagles
Final West Asia Premiership standings - 1. Jebel Ali Dragons; 2. Abu Dhabi Harlequins; 3. Bahrain; 4. Dubai Exiles; 5. Dubai Hurricanes; 6. DSC Eagles; 7. Abu Dhabi Saracens
Fixture (UAE Premiership final) - Friday, April 13, Al Ain – Dubai Exiles v Abu Dhabi Harlequins
Moral education needed in a 'rapidly changing world'
Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.
Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.
"Moral education touches on every aspect and subject that children engage in.
"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.
"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."
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Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
