Energy giants have made over £125 billion in profits on their UK operations since the energy bills crisis started according to new analysis of company reports published on 17 November 2025.
Around £40bn has been taken in profit in the UK by just 27 energy firms in the last two years, yet there are continued calls from energy industry lobbyists to axe the Windfall Tax in the next Budget.
30 firms were monitored, with 27 making a profit over 5 years. These firms were selected by the researchers to create a cross section of the energy industry and to reflect those most frequently covered in the media.
The total profits generated globally by the firms since 2020 stand at over half a trillion pounds.
Estimated individual company results for UK operations are below:
| BP | £9,489,561,869 |
| Cadent | £7,648,000,000 |
| Centrica | £9,014,000,000 |
| Drax | £3,614,000,000 |
| EON Next | £1,680,037,545 |
| EDF | £8,027,000,000 |
| Electricity North West | £988,500,000 |
| Equinor | £1,540,444,531 |
| Glencore | -£2,646,649,898 |
| Green Investment Group | £356,317,000 |
| Harbour | £3,201,161,919 |
| Ithaca | £3,052,573,211 |
| Mercuria | £624,377,466 |
| National Gas | £3,538,000,000 |
| National Grid | £15,422,000,000 |
| Northern Power Grid | £2,985,279,000 |
| Octopus | £76,290,000 |
| Ovo | -£334,000,000 |
| RWE | -£81,473,000 |
| Scottish Power | £11,810,289,348 |
| SGN | £2,451,600,000 |
| Shell | £8,899,473,621 |
| SSE | £22,572,800,000 |
| Statkraft UK | £2,154,000 |
| Trafigura | £88,389 |
| UKPN | £8,292,400,000 |
| Utilita | £72,353,000 |
| VITOL | £2,377,424,000 |
| Wales & West | £1,287,200,000 |
Responses from some of the energy firms were included in this Mirror article.
Methodology
The data in this edition of the tracker has been revised, reviewed and updated from previous versions following feedback. It has been collated from publicly available company reports and industry sources, with profits adjusted where possible to reflect UK operations.
For multinational businesses, UK profit estimates are based on disclosed proportions of revenue, production, or operating assets attributable to the UK, or on reasonable assumptions using sector benchmarks where disclosure is limited.
The figures are indicative, providing a consistent basis to assess trends in UK energy-sector profitability and its relationship to household energy costs. These measures differ from company to company due to reporting processes and regulatory requirements in different jurisdictions.
In determining which measure of profitability to use, the research has prioritised the measure preferred in the company’s own accounts. The totals declared here include offsetting any losses made by some of the firms in some years of the period examined. 30 firms were monitored, with 27 making a profit over 5 years. These firms were selected by the researchers to create a cross section of the energy industry and to reflect those most frequently covered in the media.
Data as at 12 November 2025. If any firm wishes to correct the records, please email info@endfuelpoverty.org.uk.
The data was compiled by experienced freelance business journalist David Craik and examined and peer-reviewed by a business analyst with board-level experience within complex multinational businesses.
Methodology and results 1 April 2024 – 1 April 2025
Researchers examined the declared profits of the 20 energy firms the End Fuel Poverty Coalition was 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 did not include supply chains nor market trading firms.
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