Centrica shares drop after SSE price freeze receives warm welcome March 26, 2014 SSE’s business plan and price freeze until 2016 has proved popular across the board today. Unless you’re in the renewable energy camp, who are pretty peeved that the energy firm is cutting its offshore wind portfolio to offset said price freeze. Politicians were battling to take credit for the consumer-friendly move at PMQs, with Labour [...]
Centrica buys Irish firm as UK review looms March 25, 2014 CENTRICA yesterday said that together with two investment firms, it has agreed to buy Bord Gais Energy (BGE), in a long-speculated deal that will pump €1.1bn (£920m) into the Irish government’s coffers and mark the energy giant’s first foray into the neighbouring market. The FTSE 100 firm will buy BGE’s gas and electricity supply business [...]
Centrica lands €1.1bn Irish deal March 25, 2014 Energy giant Centrica together with private equity groups Brookfield Renewable Energy Partners and iCON Infrastructure Partners II have agreed to buy Irish energy firm Bord Gais Energy (BGE) for €1.1bn (£0.9bn). Centrica will take ownership of BGE's electricity supply business in Ireland as well as the Whitegate gas-fired power station, with an enterprise value of [...]
Centrica bosses defend firm as profits decline February 20, 2014 CENTRICA executives yesterday emphasised the benefits of the company’s size to Britain in the wake of energy secretary Ed Davey’s suggestion to break up the power giant, as it unveiled disappointing but in-line full-year results. “The benefit of integration is that because we have the size and scale we have we are able to contract [...]
Centrica profits dive as political pressure mounts February 20, 2014 Energy giant Centrica has reported a fall in profits before tax to £1.6bn for the year to 31 December 2013. The fall is heavy blow to the energy company which recorded profit before tax in 2012 of over £2.4bn. Centrica also announced a six per cent dip in profit for its British Gas residential arm [...]
UBS fuels up the energy debate with Centrica downgrade February 18, 2014 Centrica was given another blow after UBS downgraded its rating on the stock from sell to neutral, causing shares to tumble over three per cent earlier today. UBS also lowered its price target on the energy giant, which owns big six supplier British Gas, from 340p to 280p. The analysts attributed the downgrade [...]
Millions wiped off UK energy firms as Davey moots Centrica break-up February 10, 2014 A FURTHER £335m was wiped off UK energy firms yesterday, after energy secretary Ed Davey wrote to regulators to ask them to scrutinise gas supply margins, and suggested Centrica could be broken up. Investors knocked £275m off British Gas-owner Centrica, while FTSE 100 peer SSE lost close to £60m. Around £10bn has already been wiped of [...]
Centrica finance chief leaves for Reed Elsevier January 7, 2014 CENTRICA finance director Nick Luff will depart the company this year to join information group Reed Elsevier, leaving Britain’s biggest household energy supplier in the midst of a political row over rising bills. Energy costs have become a big political issue in recent months, leading to intense scrutiny of utility companies like Centrica, after Ed [...]