North Sea oil giant's huge profit set to fuel fresh row

ONE of Britain's biggest North Sea energy producers today reported booming profits today hours ahead of the announcement of an unprecedented rise in household gas and electricity bills.

- Mark Banham and Michael Hunter

Pre-tax profits at Harbour Energy, the largest independent London-listed oil company, surged during the first six months to $1.5 billion (£1.27 billion) from just £120 million during the same period the previous year. The company was formed by the merger of suppliers Chrysaor and Premier Oil last year,

The profits came as the sector faces growing pressure to provide more help for consumers beyond the existing £5 billion windfall tax out of profits hugely inflated by the price spikes causes by the war in Ukraine.

Last night British Gas owner Centrica said it would be donating 10% of profits to a support fund for most vulnerable customers. Ofgem is expected to announce tomorrow that the energy cap on bills will rise from just under £2000 to around £3500.