Thursday, 17 October 2013

Centrica's biggest shareholders: nice and warm in Bermuda.

British Gas, one of the UK's biggest energy companies, today joined other major utility firms in announcing bill increases for consumers far above inflation, at 9.2%.

British Gas are the subsidiary of the multinational firm Centrica; and after some research, I have learned that the biggest FTSE 100 stock market shareholders in Centrica are Invesco Ltd.



Invesco are a U.S. multinational investment firm. And though Invesco's headquarters are based in Alabama, since May 2007 it has been domiciled and incorporated in Bermuda. Bermuda is notorious for its abuse as a tax haven by multinational companies, and rich individuals (such as Mitt Romney). I can think of no other reason wht Invesco chose to incorporate there.

Fuel poverty is attributed as one of the driving factors behind 24,000 extra winter deaths in the UK.

So it is worth bearing mind that Invesco's billions are stashed in offshore bank accounts on the sunny, idyllic shores of Bermuda when thousands of poor and vulnerable people die from hypothermia and/or malnutrition caused by above-inflation consumer price hikes from Centrica and British Gas this winter.

(On a semi-related note, I also learned yesterday that British Gas offers a 10% price discount on energy maintenance for buy-to-let landlords with multiple properties. It's nice to observe solidarity between parasitic scum).