Centrica has reported operating profits of £2.7 billion with a 14 percent increase. Centrica owned British Gas also announced strong growth with an 11 percent increase in profits, reaching over £600 million.

Centrica has also experienced setbacks, including the scrapping of a bid for the construction of a series of new UK nuclear power stations.

The company stated that it is seeking to increase expansion in North America , with a focus on shale gas extraction.

Despite criticism of British Gas’ profit announcement after the company raised gas and electricity prices over the winter, the company defended its position. Sam Laidlaw, Centrica's chief executive, said: “It's important that Centrica makes a fair and reasonable return so that we can continue to make our contribution to society and to invest. Last year we incurred a tax charge of over £1bn and invested over £2bn to secure new sources of energy for the UK, well in excess of our profits."

Expectations turn to China for future power as Centrica pulls out of nuclear project