Centrica Investors - CNA

Centrica Investors - CNA

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Stock Name Stock Symbol Market Stock Type
Centrica Plc CNA London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
-5.84 -7.14% 76.00 16:35:23
Open Price Low Price High Price Close Price Previous Close
81.84 75.84 82.00 76.00 81.84
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ariane: the guardian British Gas owner says windfall tax will dent investor confidence Centrica boss also defends Amber Rudd’s appointment to its board as a non-executive Gas hob with a bill from British Gas Britis Gas owner Centrica’s operating profits doubled to £948m in 2021. Alex Lawson Energy correspondent Tue 7 Jun 2022 13.21 BST Last modified on Tue 7 Jun 2022 13.52 BST The British Gas owner, Centrica, has warned that Rishi Sunak’s windfall tax will “damage investor confidence” as Britain attempts to build up green energy supplies. The Centrica chairman, Scott Wheway, and its chief executive, Chris O’Shea, hit out at the chancellor’s 25% levy on oil and gas operators’ excess profits, which will be used to pay for measures to reduce soaring energy bills. Centrica – Britain’s biggest energy supplier – reported that its annual operating profits doubled to £948m in 2021, aided by a surge in earnings from its North Sea oil and gas arm. It expects to make a healthy profit again this year. Sunak hopes to raise £5bn from the tax, but a debate is raging over the structure of the levy. An investment allowance within the tax allows energy firms to make 91p of tax savings for every £1 spent. Labour has labelled the allowance a “gigantic get-out clause” while analysts believe £8bn worth of oilfield projects could soon get the green light as a result of the measure. Speaking at Tuesday’s annual shareholder meeting in Leicester, Wheway said: “We’ve got every empathy with the plight of many customers presently, that are facing difficulties in managing their energy bills, and we welcome action to help those customers. “But we also share a lot of concern around choices that may be made to apply taxes to energy production, which – although they may derive short term benefits – can cause medium and long term problems, because we know that the industry that we’re in is a very long term industry. And we’d urge everyone thinking of those things to strike the right balance.” O’Shea waived his £1.1m bonus last year as the company cut its dividend while household bills ballooned. He was paid £875,000 in salary and benefits. Energy companies have benefited as a squeeze on supplies exacerbated by Russia’s invasion of Ukraine has pushed up revenues. Centrica is attempting to move towards greener energy supplies, while Sunak is exploring extending the tax to electricity generators. O’Shea said: “It’s clear that the energy market is going through rapid change. And the opportunities from this transition are enormous. “However the recent intervention in the form of a windfall tax in the UK creates uncertainty and damages investor confidence. And, as you all know only too well, it’s borne by you, our shareholders.” O’Shea said the company was speaking to government “to make sure that everything is fair”. He added: “In the long term, we need to work together with all stakeholders to protect the most vulnerable in society whilst encouraging the substantial investment needed to deliver a low carbon future which, if we get it right, will create hundreds of thousands of new, well-paid green jobs, which will help grow the economy.” O’Shea also reiterated calls for energy bosses to pass a “fit and proper person” test and the protection of customer deposits after nearly 30 suppliers collapsed in the energy crisis. Wheway was also forced to defend the appointment of former home secretary Amber Rudd, who joined Centrica’s board as a non-executive in January. One shareholder asked whether – given the Conservatives had introduced an energy price cap and a windfall tax on the sector – a former minister should be on its board. Wheway said that the board “look through politics and remain politically neutral”. Former Santander UK boss Nathan Bostock has also joined the board. Wheway said: “I sit here with 100% confidence and tell you that our new appointees to the board, including Amber, and Nathan, and others that we have in the pipeline have been selected because we think they’re the finest people to do those jobs … they bring skills and abilities which the company will enormously benefit from.”
waldron: Rough ride is over for gas: Centrica's investment pledge should silence calls for a windfall tax on energy, says ALEX BRUMMER By Alex Brummer for the Daily Mail Published: 21:59 BST, 10 May 2022 | Updated: 21:59 BST, 10 May 2022 Amid subsiding economic confidence, unscheduled earnings upgrades are a rare thing and most likely to come from the energy sector. Centrica is a revived enterprise under the leadership of Chris O’Shea, and benefiting from a flight to quality. As competitors who failed to ring-fence customer payments have fallen over the precipice, the past outflow of households using its services has been stemmed. O’Shea is already braced for the cries of foul and windfall taxes should it, as now projected, deliver sharply higher profits. To meet the criticism head on, the group is making a series of pledges aimed at blunting critics. In an age when we all bemoan a lack of customer service, it is adding 500 British-based employees to help its 7.3million gas customers navigate a period of stress. It has also set up an immediate £6 million ‘special needs’ fund to assist those unable to pay. The British Gas owner recognises that the ‘just in time’ model for UK gas supplies is no longer satisfactory, and the country needs security of supply. The current plan is to reverse the 2017 decision to pull out of gas storage at Rough on the East Coast. It is planning for a £2 billion refurbishment and sees an opportunity for hydrogen production too. It is not asking for government subsidy, just a favourable financial regime using the kind of regulated asset structure deployed on the Thames Tideway. Moreover, as a 20 per cent shareholder in Britain’s nuclear industry – legacy of Roger Carr’s stewardship – there is a willingness to become involved in Sizewell C if the finances can be unlocked now that China is almost certainly out. The harder question for O’Shea is how to balance the needs of three major constituencies’; customers, its 500,000 ‘Tell Sid’ private investors and the workforce. The current commitment is that it will take no extra profits per customer from the energy price shock. The company also has managed to settle the dispute with the unions which flared up in the pandemic. That leaves shareholders, who saw their dividend suspended in the pandemic, as the remaining interest group to be dealt with. As for windfall taxes, the Centrica view is that if the UK wants new energy facilities, the most important factor is predictability for investors. A tax regime which blows with the political breezes is counter-productive.
waldron: European markets head for higher open as investors follow Ukraine developments Published Mon, Mar 28 202212:51 AM EDT Updated 17 Min Ago Holly Ellyatt @HollyEllyatt cnbc Key Points European stocks are expected to open higher on Monday as investors continue monitoring developments in the war between Ukraine and Russia. Key data releases in the U.S. this week include the Job Openings and Labor Turnover Survey, and ADP will also release its private payrolls data ahead of the closely watched monthly jobs report, on Friday. LONDON — European stocks are expected to open higher on Monday as investors continue monitoring developments in the war between Ukraine and Russia. The U.K.’s FTSE index is seen opening 20 points higher at 7,503, Germany’s DAX 55 points higher at 14,370, France’s CAC 40 up 25 points at 6,584 and Italy’s FTSE MIB 162 points higher at 24,058, according to data from IG.
waldron: EMEA Morning Briefing: Stocks to Rise After Wall Street Rally 23/03/2022 5:42am Dow Jones News Wednesday 23 March 2022 MARKET WRAPS Watch For: UK producer prices; UK monthly inflation figures; Germany Ifo Economic Forecast; EU FCCI Flash Consumer Confidence Indicator; results from Orpea, Leoni, Petrofac, Ultra Electronics. Opening Call: A rally on Wall Street could lift European stocks higher Wednesday, while U.S. stock futures pointed to a higher open. Treasury yields rose sharply for the second day in a row, while the dollar weakened slightly. Meanwhile, oil prices continue to grind lower in early Asian trade, while gold and other commodities also edges lower. Equities: European stocks are set to rise Wednesday, following a rally on Wall Street led by technology companies, although investors remain concerned about the war in Ukraine and inflation. "With few levers remaining to pressure Russia short of military intervention, the market is beginning to price in the loss of a significant amount of Russian oil needing to be backfilled. It could take years for Russian oil markets to normalize, if ever," said Stephen Innes, managing partner at SPI Asset Management. Investors were also closely watching what might happen with President Joe Biden joining a NATO meeting and EU Summit Thursday in Europe, where sanctions and the Russian oil embargo will likely top the agenda. Ukrainian President Volodymyr Zelensky was set to make a much anticipated online speech in Japan's parliament. Japan, which has abided by a pacifist constitution after its defeat in World War II, has taken an unusually vocal position on the war in Ukraine, joining in sanctions against Russia alongside the Western nations. Markets have been choppy as Wall Street adjusts to slower economic growth now that federal spending on various stimulus measures has faded away. "This is actually fairly normal, but it doesn't feel normal because the last few years have been really strong," said Matt Stucky, senior portfolio manager at Northwestern Mutual Wealth. Investors will soon start readying for the next round of corporate earnings reports as the current quarter nears its close at the end of March, and that could provide a clearer picture of how industries continue handling rising costs.
waldron: Centrica offers safety in numbers As competitors leave the market, the electricity supplier’s defensive qualities look undervalued March 3, 2022 By Michael Fahy If the past few days have taught us anything, it is that safety and security have a value in times of upheaval. Bull points Strongest player in a consolidating market Balance sheet now in net cash position Utility offers defensive qualities Low PEG ratio implies cheapness Bear points Service arm has not performed well Upstream still accounts for most profits This is as true for the domestic energy sector as it is for investors looking for the best home for their money on global financial markets, and is one reason why British Gas parent Centrica (CNA) has been the focus of so many upgrades in brokers’ earnings forecasts in recent months. INVESTORS CHRONICLE
waldron: European markets set to pull back as investors track geopolitical tensions, earnings Published Thu, Feb 17 20222:07 AM EST Elliot Smith @ElliotSmithCNBC Key Points The U.S. on Wednesday accused Russia of adding 7,000 troops to the 150,000 already stationed at the Ukrainian border, branding as “false” the Kremlin’s claims that it had begun a partial withdrawal of its military presence. Global investors are also reacting to the latest meeting minutes from the U.S. Federal Reserve, published Wednesday. LONDON — European stocks are set to retreat slightly on Thursday as investors continue to monitor geopolitical tensions in eastern Europe, while digesting a slew of corporate earnings reports. Britain’s FTSE 100 is seen around 34 points lower at 7,570, Germany’s DAX is set to slide around 92 points to 15,278 and France’s CAC 40 is expected to drop around 32 points to 6,933, according to IG data.
misca2: Centrica to face activist pressure as crisis mounts 01/31/2022 | 06:21am GMT BRITISH GAS owner Centrica is dealing with mounting pressure from activist investors looking to take advantage of market volatility caused by the global energy crisis. The company's board is reportedly preparing contingency plans with investment bankers from Goldman Sachs against a potential raid by hedge funds, according to weekend reports. Currently, Centrica's board is led by chairman Scott Wheway, a former director of Boots. The business is on alert after hefty stakes worth hundreds of millions of pounds changed hands through accounts fronted by investment banks last week. A five per cent tranche of Centrica stock was also snapped up two weeks ago through a Bank of America account. The trade was made up of a combination of shares and contracts for differences, a typical tactic by investors planning to challenge a company. Sources told the Sunday Telegraph that Centrica's board is preparing its defence ahead of an activist investor appearing on the company's share register.
waldron: Ex-Centrica boss Sam Laidlaw: UK still needs oil and gas as it pushes to net zero Comment: Former Centrica CEO says oil and gas remain vital to UK energy needs By Sam Laidlaw 1 hour ago While warmer temperatures across the UK meant that, for many, a white Christmas this year was found only in greeting cards, they did provide a respite from surging gas prices. Driven higher in recent months by this year’s cold winter, a lack of gas storage, increasing demand from Asia and lower output from windfarms, UK gas prices have now retreated to around 210 pence per therm, from around 460 p/th in the week before Christmas. Such a fall in wholesale prices would normally be welcome news for energy consumers, but with prices starting this year at just 60 p/th, there is understandable concern about the impact on bill payers when the energy price cap next gets reviewed. These problems may be symptoms of the current market, but their cause can be traced back to repeated failures of energy policy that have left the UK over-exposed to global markets and less attractive for investors. Although we have seen a welcome growth in renewables over the past decade, the UK is still reliant on gas and oil to keep us warm, keep the lights on and keep people moving. Together they account for almost 75% of our energy needs and will be crucial for decades to come. So the choice the country faces is whether to meet that demand from domestic sources that are lower carbon, lower cost and more secure, or expose consumers to higher carbon, higher cost and less secure imported supplies. The latter would not only increase global carbon emissions, but would also result in the UK losing the significant social and economic benefits the sector brings. And once investment leaves these shores, it is very difficult to attract it back. This was evidenced in 2011 when the sudden tax increase on producers saw North Sea production collapse by nearly a fifth, leaving UK consumers exposed to volatile foreign energy markets to meet demand – a problem we contend with still. Investors fled the North Sea and many have not returned. This left infrastructure stranded and pushed capital expenditure overseas to more attractive investment destinations – for both oil and gas and low carbon developments. Low carbon developments will need to use existing infrastructure – from depleted gas reservoirs to transportation networks and storage facilities. The North Sea has these in abundance and energy companies, including Neptune, have already submitted plans to the Government to repurpose facilities previously used for oil and gas to speed the transition to hydrogen and carbon storage. Returns on renewables investments – at least in the short term – are not sufficient on their own to finance the capital requirements of ever-larger low carbon projects. So investors need to recycle returns from existing production to capitalise renewable investment. We therefore need to get the balance right between existing energy projects and the move to renewables. We have an opportunity to protect critical infrastructure, energy security, tax revenues, jobs and supply chains. The oil and gas sector alone supports more than 250,000 jobs and has contributed more than £33bn to the Treasury since 2010, but is also a critical enabler of the energy transition as recognised by the Government in the North Sea Transition Deal. Energy projects are hugely capital intensive and often take years to build, during which time investors’ capital is at risk. Investors will only be prepared to take that risk if they have confidence in a stable fiscal and regulatory regime. The UK government has set out an ambitious plan for the energy transition to net zero. The UK oil and gas sector is in the unique position of having both the skills and infrastructure to play a critical role in this transition, providing homegrown energy over the coming decades, as well as innovating in new clean energy technologies to further accelerate the reduction in domestic emissions. As we look ahead to 2022, to ensure that the domestic industry can play an active role in supporting the transition, a set of complementary and coordinated actions are needed by Government, regulators and industry to prevent under-investment threatening both UK security of energy supply and the transition. Bringing these forward will help ensure secure, lower carbon and lower cost energy for us all, whether snow is on the ground or not. Sam Laidlaw is Executive Chairman of Neptune Energy. He was previously CEO of Centrica, which owns British Gas.
waldron: Markets European markets set for muted open as investors monitor omicron risk Published Wed, Dec 22 20212:36 AM EST Elliot Smith @ElliotSmithCNBC Key Points Global markets have endured a volatile week thus far, and European shares rebounded 1.4% on Tuesday to retrace much of the loss accrued during a sharp sell-off in the previous session. Investors are juggling the rapid spread of the omicron variant, and the introduction of containment measures by governments around the world, with new scientific analysis of its severity and pharmaceutical developments on booster shots and treatments. LONDON — European markets are set for a tepid open Wednesday as investors continue to monitor the threat posed by the omicron Covid-19 variant. Britain’s FTSE 100 is seen around 9 points higher at 7,306, Germany’s DAX is set to add around 36 points to 15,483 and France’s CAC 40 is expected to climb around 19 points to 6,984, according to IG data. Markets in Asia-Pacific were modestly higher on Wednesday while U.S. stock futures were muted in early premarket trade following the Dow’s 500-point rebound on Tuesday.
waldron: EMEA Morning Briefing: Stocks to Waver After Wall Street Rally 08 December 2021 - 06:42AM Dow Jones News Print Share On Facebook MARKET WRAPS Watch For: OECD Harmonised Unemployment Rates. Opening Call: European stocks could waver at the open, while U.S. stock futures point to extended gains on Wall Street. The dollar strengthens against the euro and yen. Treasury yields rise. Oil is mixed and gold prices are down. Equities: European stocks could waver at the open after another broad rally on Wall Street as investors wagered that the new variant of the COVID-19 virus won't pose a big threat to the economy. The balance of the latest Omicron updates appears to indicate that another major economic shock isn't coming, which has sparked short covering and a scramble to buy after a few weeks of losses, said ThinkMarkets analyst Fawad Razaqzada. "It's a relief rally," he said. Eventually, though, investors will likely refocus on monetary policy and the pace of the Federal Reserve's tapering program, said Mr. Razaqzada. "That's going to be the next big thing for the market," he said. The Fed is scheduled to hold a two-day meeting of policymakers next week. Uncertainty over Covid and Fed policy, however, may challenge the usual holiday cheer. Additionally, lower trading volumes in the lead-up to the holidays are likely to cause exaggerated moves in either direction, analysts say. "We're in this period where investors are grappling for any news they can find and that, coupled with low liquidity, is leading to some big moves," said Hugh Gimber, a strategist at J.P. Morgan Asset Management. Stocks advanced in Asia, while Japan downgraded its growth estimate for the last quarter to minus-3.6% from an earlier reported contraction of 3.0%.
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