Feb 13, 2020

British Gas owner Centrica hit by energy price cap

British Gas owner Centrica has blamed a big loss in 2019 on the energy price cap and falling gas prices. Chief executive Iain Conn said the business had faced a "Challenging environment, most significantly the implementation of the UK default tariff cap and falling natural gas prices". The price cap on electricity and gas bills came into effect in January 2019 and was a flagship policy of former Prime Minister Theresa May to end what she called "Rip-off" prices. Last week, energy regulator Ofgem told suppliers to cut average standard bills and pre-pay bills by 1.4% from 1 April as wholesale prices had fallen between August 2019 and January 2020. "British Gas is really struggling with the onslaught from small suppliers, the price cap, and falling natural gas prices hitting them hard," said Mark Todd, the co-founder of Energyhelpline.

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