Energy giant Shell has posted £7.4 billion in profits for the second quarter of 2026, building on £5 billion declared in the first three months of the year.
The results come after Equinor, Iberdrola and Centrica also announced huge profits in the current profits season.
Meanwhile, controversial energy firm Drax reported profits of £279 million for the last six months.
A spokesperson for the End Fuel Poverty Coalition commented:
“Shell makes more profit in a single minute than most people in this country earn in a year.
“As wildfires rage, droughts are declared and temperatures climb, the very fuels heating the planet are also heating company profits, while households pay the price on their bills.
“This is even harder to stomach knowing that via Shell’s new North Sea joint venture with Equinor, it is structuring its operations to reduce the tax it pays in Britain. Long-term energy security cannot rely on a declining North Sea, where firms have already extracted 90% of commercially viable gas while posting billions in profits. The drill more, bill more approach simply locks households into another cycle of gas price shocks.
“Ministers should ensure the Energy Profits Levy does its job and use the proceeds to fund energy debt relief and a permanent social tariff. What’s more we need structural reform to break the link between electricity prices and volatile gas markets so that homegrown clean power brings bills down for the people who need help most.”
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