13 February 2023 , 21:23
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The boss of British Gas owner Centrica has been urged to give up a potential £1.6million bonus.
Chief executive Chris O’Shea is expected to be in line for the windfall on the back of a soaring profits at the energy giant, is forecast to announce a £3billion haul this Thursday.
It comes after a jump in wholesale gas prices last year, worsened by Russia’s war in Ukraine, led to soaring energy bills for customers.
British Gas sparked a scandal for forcing prepayment meters on vulnerable customers.
Mr O’Shea, who is on almost £795,000, is eligible for an annual bonus of up to 200% of that.
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British Gas sparked a scandal for forcing prepayment meters on vulnerable customers (Getty Images)He could also net a long-term bonus worth up to 150% of his pay, as much as £1.2millon.
Mr O’Shea, who waived a £1.1million annual bonus in 2021. Simon Francis, of the End Fuel Poverty Coalition, called on him to do the same again. “He needs to look at his conscience,” said Mr Francis. “The profits are one thing, but you have to also consider the number of people who have been forced onto prepayment meters against their will.”
Profits at British Gas’ energy supply arm are expected to be about £104million but it vowed in August to give 10% away.
Centrica said it could not comment ahead of the results.