Centrica 1H Profits Fall 35% On Weather Woes
Centrica said it did not expect any changes to residential prices in 2014 but noted average household bills are likely to be around 90 pounds lower for the full year, or down 7 percent compared with 2013, as customers used less energy.
Competition Probe
Britain's big six energy suppliers – SSE, Scottish Power, Centrica, RWE npower, E.ON and EDF Energy – control around 96 percent of the market and are under scrutiny ahead of a national election next year because of public outrage over rising bills.
Britain's competition authority launched an investigation in June after industry regulator Ofgem said the market was not competitive enough..
Centrica is "not fearful of the process in any way" and the company welcomes the independent investigation, chief financial officer Nick Luff said in a conference call on Thursday.
The Competition and Markets Authority is expected to report its findings by Dec. 25, 2015 and could go as far as enforcing a break-up of energy suppliers if it finds they are breaching competition rules.
Centrica has put three power plants at Langage, Killingholme and Humber - accounting for the majority of the utility's conventional generation capacity at 2.7 gigawatts - up for sale, a process Luff said could take some time.
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