people think it shouldn t be in private hands. the competition law has certainly not been working to make sure that people are getting low prices or good service. the way that the electricity prices paid to the price of gas is entirely wrong because electricity is now made by renewable energy which is cheaper than gas, so the whole things need overturning. it s upside down now. people are paying more if they use less energy and pay less less if they use more, that can t be right. let s talk to our business editor, simonjack. how should we read these figures? centre is effectively two different companies, the company gets gas out of the grounds and generate electricity through both gas, nuclear and renewables and that company made tonnes of money, a sickly that accounted for 98% of the £3.73 sickly that accounted for 98% of the £35 billion we saw today. there is the retail arm which we know is
british gas does is buy electricity and gas on wholesale markets and sell it to consumers and businesses will stop it made a profit last year but its profit was about £72 million. the profit made by centrica, the parent company, was £3.73 centrica, the parent company, was £3.3 billion and that s because the parent company makes its money from extracting mainly gas and selling it on the wholesale markets. it also made money from having a share in britain s nuclear energy as well. so why couldn t centrica four exam will give a lot of discounted gas to british gas? well, competition law means it can t do that, it has to sell at commercial rates equally to suppliers. so the reality of it is that british gas itself is in the same position as other suppliers. it doesn t make a huge amount of money when wholesale prices are high but the parent company does. the question is how those profits made by the parent company could be filtered down to help vulnerable consumers and that s where the
correspondent, theo leggett. net zero means hydrogen and solar. centrica says it is focused on clean energies of the future, but right now it s making bumper profits because of high oil and gas prices. they soared last year after the invasion of ukraine and the company, which owns british gas, is reaping huge benefits. last year it made £3.73 huge benefits. last year it made £3.3 billion, that s more than three times its profit from 2021. it also paid £1 billion in tax. like other energy companies it has come under fire for making big profits at a time when many consumers are struggling to pay their bills, and that s despite the government s decision to extend the energy profits levy, a special tax on energy businesses that was expanded last month. i energy businesses that was expanded last month. ., ~ u, last month. i don t think centrica is profiteering.
interest rate hikes from the fed to cool the economy. retail sales rose 1.3% in october from september. sales increased on everything from automobiles, furniture, food services despite sky high inflation. jobless claims due out later today. we ll get a read on how the job market is doing. now $3.73 a gallon. let s bring in nathaniel myerson. walmart really blew away wall street with its quarter but what happened to target? right. walmart yesterday reported excuse me, tuesday reported strong numbers. sales grew 8.2% last quarter from a year ago. walmart sells mostly groceries and that is what lower and middle income shoppers are buying and they re pulling back on discretionary items. meanwhile, target sells fewer groceries, mostly discretionary products, like home furniture, apparel, toys, electronics and
about the source of carbon. one of the duke question mike they halted all the leases. let s go to another headline, critically important. october 28th, inherited just recently. biden knows his policies increase average accounts for americans. where did they get this evidence? the apartment of the input on the five her page report. who s gonna read it, right? inside that report, they admit that allowing all leases would reduce the cost of oil and gas, all by $0.73 a guess by $0.06. there hurting the american public and they need to know this, the american public, whether going out there and blaming oil companies and profits because that s a an attack on capitalism. hannity: powell put a wet blanket on any idea that we have a soft landing in terms of the economy today. powell was upset. [laughs]