Feb 20, 2021

Centrica chief vows to ‘strip out the rubbish’ to revive group’s fortunes

British Gas was among the early investors in offshore wind 20 years ago, but Centrica has since sold its wind farms along with big, central fossil fuel plants to focus on customer-facing businesses including energy supply and "Smart" home devices such as a thermostat that can be controlled via an app. O'Shea, who took the top job at Centrica last year, said the group already has 12 gigawatts of energy assets under management, helping the owners of the assets optimise their returns on the electricity they generate. The Centrica boss estimates the cost at about £650m but said it would likely need a "Regulated model" to encourage the group to invest. Centrica has agreements with manufacturers such as Volkswagen and Ford to fit electric vehicle chargers. Centrica previously spent £1m a week on management consultants amounting to a £200m bill over four years.

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