Vital statistics on power-generation firms suspected of having cashed in on high energy prices
Boris Johnson met executives from some of Britain’s biggest energy companies on Thursday to discuss the cost of living crisis.
Johnson was flanked by the chancellor, Nadhim Zahawi, and the business and energy secretary, Kwasi Kwarteng. Zahawi said afterwards that the energy firms agreed to “do more to help the people who most need it” – but did not specify what that would entail.
The executives were from power-generation companies – which own assets including windfarms and nuclear power stations – rather than the oil and gas companies hit by the windfall tax, officially known as the Energy Profits Levy, after raking in bumper profits caused in part by the war in Ukraine.
However, there is a lingering threat that the levy may be extended to electricity generation companies amid accusations that they have also enjoyed a bonanza from high energy prices.
Below are the companies that attended the meeting, along with their profits and executive pay packages. While all operate in the UK, many are headquartered abroad.
Eon
Profits: €4.06bn (£3.4bn) in first half 2022
Chief executive: Leonhard Birnbaum
His pay: €1.2m (£1m) in 2021
Headquarters: Germany
National Grid
Profits: £3.4bn in 2021-22
Chief executive: John Pettigrew
His pay: £6.5m in 2021-22
Headquarters: UK
RWE
Profits: €2.6bn (£2.2bn) in first half 2022
Chief executive: Markus Krebber
His pay: €4.3m (£3.6m) in 2021
Headquarters: Germany
Ørsted
Profits: €1.75bn (£1.5bn) in first half 2022
Chief executive: Mads Nipper
His pay: €2m (£1.7m) in 2021
Headquarters: Denmark
Centrica
Profits: £1.3bn in first half 2022
Chief executive: Chris O’Shea
His pay: £775,000 in 2021 (£1.1m bonus waived)
Headquarters: UK
SSE
Profits in 2021/22: £1.2bn
Chief executive: Alistair Phillips-Davies
His pay in 2021: £4.5m
Headquarters: UK
Uniper
Profits: €1.2bn (£1bn) in 2021
Chief executive: Klaus-Dieter Maubach
His pay: €1.9m (£1.6m) in 2021
Headquarters: Germany
Scottish Power
Profits: £925m in first half 2022
Chief executive: Keith Anderson
His pay: £1.35m in 2021
Headquarters: UK
Drax
Profits: £225m in first half 2022
Chief executive: Will Gardiner
His pay: £2.7m in 2021
Headquarters: UK
EDF Energy
Losses: €5.3bn (£4.5bn) loss in first half 2022
Chief executive: Simone Rossi
Pay of highest paid director, thought to be CEO: £1m in 2021
Headquarters: UK (but owned by the French government)
* This article was amended on 12 August 2022 to remove the details of Lightsource BP, whose executives did not attend the meeting.