Feb 13, 2020

Centrica posts £1bn loss as UK energy price cap hits earnings

Centrica has swung to a full-year loss of more than £1bn as it felt the impact of a price cap on UK household energy bills and wrote down the value of oil and gas production assets to reflect weaker commodity prices. Britain's biggest energy supplier, which has had a stormy few years, posted a pre-tax loss of £1.1bn last year, down from a £575m profit in 2018. The company behind the British Gas brand lost 286,000 energy supply accounts last year at its consumer business as the biggest suppliers in the market suffer from a surge in competition. The problems of the biggest suppliers have been exacerbated by the introduction last year of a price cap on bills for 11m UK households and some have since exited the market altogether - SSE last month completed a deal to sell its household supply arm in Britain to Ovo Energy. Centrica has been trying to expand its services in recent years, which range from boiler supply and repairs to home gadgets such as smart thermostats and security cameras that can be controlled remotely via a mobile phone.

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