Energy giants Centrica and Shell have both announced profits worth billions of pounds as the UK faces crippling energy hikes.
Centrica, the parent company of British Gas, recorded an increase in operating profits to £1.34billion for the first six months of the year.
This is up from £262million a year earlier, as the war in Ukraine continues to push up gas prices.
British Gas reported an adjusted operating profit of £98million, down 43% compared to last year - but only because the energy giant took on more than 200,000 customers after dozens of its rivals went bust.
The company said it needed to buy more energy to cope with demand.
Meanwhile, rival Shell saw its profits hit a new all-time high of £9.5billion in the second quarter.
That smashes the oil giant's previous record quarterly profit of £7.5billion racked up in January to March this year.
It comes as families across the UK face another unprecedented increase to the Ofgem energy price cap, which already stands at £1,971 for someone with typical use.
Ofgem chief executive Jonathan Brearley has said the new price cap will be "in the region of £2,800".
Energy consultants at Cornwall Insight then put the October price cap at the slightly higher £2,879 and £2,907 in January 2023.
But now energy experts at BFY say energy prices could hit £3,420 in October - then £3,850 when the price cap is reviewed again in January 2023.
A year ago in July 2021 the price cap was just £1,138 a year - and most energy deals were much cheaper than that.
The huge size of the oil companies’ profits forced the Government to give in to demands for a windfall tax - but this didn't become law until July 14.
The boss of Centrica has said he expects the company's growth to continue in the second half of the year - but admitted the winter will be tough for customers.
It comes as Centrica confirmed it has resumed payouts to shareholders, paying an interim dividend of 1p per share, after having suspended it for three years.
Chris O'Shea said: "We are very aware of the difficult environment many customers are facing and we will continue supporting them."
Shell’s chief executive officer, Ben van Beurden, said: “With volatile energy markets and the ongoing need for action to tackle climate change, 2022 continues to present huge challenges for consumers, governments, and companies alike.
“Consequently, we are using our financial strength to invest in secure energy supplies which the world needs today, taking real, bold steps to cut carbon emissions, and transforming our company for a low-carbon energy future.”
Energy bills first started rising due to increased supply and demand following the Covid pandemic.
The war in Ukraine has threatened supplies from Russia, which has also pushed up prices.
