Jul 24, 2022
Centrica comes out fighting from energy market shake-up
Shareholders are increasingly impatient to discover more about how Chris O'Shea, Centrica's chief executive since 2020, intends to take advantage of the rapidly changing energy market. Its first-half results will also benefit from a final contribution from its oil and gas production assets in Norway, which were sold in May. An agreement struck in 2013 to buy liquefied natural gas from US group Cheniere Energy should become profitable in the future, having previously been lossmaking. Even Centrica's core energy supply business, British Gas, is strengthening after years of decline as domestic customers defected to rivals offering cut-price deals. Centrica had planned to hold a capital markets day last year to give more clarity on how it would participate in the UK's bid to reduce greenhouse gas emissions to net zero by 2050 but it was cancelled as Britain's energy retail market was in the throes of a crisis. "It's really important the public understand that Centrica and the British Gas brand name have protected a large chunk of the retail market," the investor said.
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