Chris O’Shea: who is boss of British Gas owner Centrica and how much does he earn?

There has been widespread public outrage over the news that British Gas made record profits in the first half of this year - much of which was due to energy price cap increases in the UK.

Centrica, which owns the energy company, revealed on Thursday (27 July) that its earnings had soared by nearly 900% - rising from £98 million in the first six months of 2022 to £969 million in the same period in 2023. The majority of these profits can be attributed to Ofgem’s controversial decision to raise its energy price cap, which allowed suppliers to recoup some of the money they lost during the time when customers bills’ were limited to £2,500 a year under the Energy Price Guarantee.

Ofgem called the profits a “one-off” while Centrica insisted they were “simply a recovery of costs that we incurred in the past”, but campaigners and households argued the energy giant had essentially been allowed to claim greater profits from people struggling with the cost of living crisis.

Simon Francis, co-ordinator of the End Fuel Poverty Coalition, said: “These profits are a further sign of Britain’s broken energy system. At a time when household energy debt is spiralling to record levels and energy bills remain double what they were just a few years ago, the profits posted will be greeted with disbelief by those struggling through the crisis.”

Elsewhere, Labour has called on Prime Minister Rishi Sunak to “fix the gaping loopholes in the windfall tax on oil and gas profits”, so that bills can be lowered for families and households, while former Labour Party leader Jeremy Corbyn and the Green Party told NationalWorld that the news of Centrica’s eye-watering profits supports the case for energy nationalisation.

But who is in charge of British Gas owner Centrica, what has he said about the company’s profits, and how much does he earn himself? Here’s everything you need to know about Chris O’Shea.

Who is Chris O’Shea?

Chris O’Shea is the chief executive of Centrica, the company which owns British Gas. He became the big boss in 2020, after being promoted from Group Chief Financial Officer.

Born in Fife, he moved to Glasgow at the age of 11. He attended a comprehensive school, and later studied an accounting degree at Glasgow University. Now 49, he is married with three children and lives with his family in Reading, according to The Times.

Mr O’Shea’s career started with a job as a trainee chartered accountant at Stevenson & Kyles. Then, he moved on to work for companies such as Shell and Ernst & Young, before he secured his first role at Centrica.

How much does he earn at Centrica?

As of 1 April 2023, Mr O’Shea’s annual salary for his role as chief executive of Centrica is £815,000. He previously earnt £790,000, according to Sky News.

In addition to his salary, the energy giant boss also receives annual bonuses - plus money from shares. In 2022, Mr O’Shea received a bonus of £1.4 million for “exceptional financial performance” and a long-term share bonus of £2.3 million, meaning his total pay for that year topped £4.5 million.

In 2021, Mr O’Shea declined his bonus “given the hardships faced by our customers” - saying he felt it would be “wrong” to accept it. Instead, he was paid his salary for that year of £775,000.

In an interview with The Times, Mr O-Shea said was not motivated by money, describing it as a “hygiene factor” and adding that he was “not coin-operated”.

What has Mr O’Shea said about Centrica’s million-pound profits?

In a statement on Thursday (27 July), Mr O’Shea said Centrica’s profits have enabled the company to increase its customer support package to £10 million pounds, “invest heavily in the UK and Ireland’s energy security”, and further invest billions of pounds into its new green investment strategy - which he said will “create thousands of new well-paid jobs”.

The chief executive continued: “Nothing is more important than delivering for our customers – it’s why we are here. Centrica is now a more focused and higher quality business. Our integrated portfolio of businesses and the relentless focus from our 20,000 amazing colleagues has enabled us to deliver another strong financial performance, which includes significant one-off recovery of past costs through the UK price cap mechanism.

“I’m proud of the incredible work our colleagues do every day to help customers struggling with the cost-of-living crisis. We are doing more than any other UK energy company – and we will continue to be there when our customers need us.”

What has Mr O’Shea said in the past about energy bills?

When Ofgem’s energy price cap was raised back in April 2022, Mr O’Shea said in a press release that he empathised with the pain this would cause households across the country. He commented: “Every week we hear from customers struggling to make ends meet – whether filling up the car, doing the weekly shop, or finding the money to heat their home.

“At British Gas we’re not perfect – we know that - but we are trying our best to help our customers through this time.” He then announced that the company had put another £2 million into its British Gas Energy Support Fund - making it “the biggest energy support fund in the country”.

In February 2023, Mr O’Shea came under scrutiny after an undercover investigation by The Times found that contractors working for British Gas were forcibly installing prepayment meters in the homes of vulnerable customers. Commenting on the scandal, Mr O’Shea, who has since apologised for the behaviour, said: “Allegations around a third-party contractor were unacceptable.

“I was deeply concerned to hear how some vulnerable customers appeared to be treated in our name, this is simply not how we should do business. We will get to the bottom of this and where we got it wrong. We will make it right.”