Feb 18, 2017
Centrica eyes tech start-ups to help trim bills
Centrica, the owner of British Gas, plans to invest £100m in technology start-ups over five years as it looks to help households lower their energy costs and persuade ministers it is taking action to benefit customers. The group will on Monday announce a new venture, Centrica Innovations, which will target cities such as Cambridge, Houston, London, Seattle and Tel Aviv for opportunities to invest in technology start-ups that will help it develop new services and increase its sources of revenue. Deepa Venkateswaran, analyst at Bernstein, said such initiatives "Are not meaningful at present but in the longer term should help Centrica with improving its retention and profitability of its energy customers . . . and take the conversation away from just pricing". "As the UK's leading energy supplier, we have a proven track record in harnessing new technologies for the benefit of our customers," said Mr Conn. "As the government launches an industrial strategy with technology and R&D at its heart, Centrica is focused on delivering a smarter energy future for the UK.". Centrica reports full-year results next week in a climate of increasingly testy relations between government and some of the big energy groups.
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