Centrica Share Discussion Threads

[adrian j boris] 10/5/2022 08:54

Aol.


British Gas owner’s profits to hit top targets amid calls for windfall tax

Press Association
Henry Saker-Clark, PA City Reporter

10 May 2022, 9:01 am

British Gas owner Centrica has said it expects to post annual earnings at the top of its targets amid intensifying calls for a windfall tax on energy firms.

The company said it has been boosted by “strong” volumes across its nuclear and gas production operations.

Meanwhile, its trading business has also increased volumes of gas and renewable energy to improve UK supply amid pressure from the Russian invasion of Ukraine.

Centrica also told shareholders that it has “managed increased commodity price volatility well” in recent months.

Energy bills for UK households surged this month, after the price cap was increased by 54% to £1,971 per year by regulator Ofgem due to soaring wholesale prices.


Prices had been driven higher by broad inflationary pressures but have continued to escalate due to the conflict in Ukraine.

It is predicted that the price cap could jump again to as much as £2,900 in October.

Nevertheless, Chancellor Rishi Sunak held firm in his opposition to a windfall tax on Monday, arguing that it would “deter investment at a time we need it most – not least in renewable energy”.

Centrica said on Tuesday that its British Gas Services & Solutions business has been hit by “some supply chain disruption and higher inflation” which has affected its costs and customer demand.

“We expect those headwinds to continue to at least partially offset underlying operational progress for the duration of this period of higher inflation,” it added.

The company also warned that there are still “significant uncertainties” regarding its performance over the year, including the impact of weather, commodity price movements and the potential for higher bad debts.

It comes after the group saw adjusted profits jump 44% to £118 million in 2021.

[adrian j boris] 10/5/2022 08:46

TOP NEWS: Centrica in "strong" start to 2022 despite inflationary hit

Tue, 10th May 2022 08:34
Alliance News

(Alliance News) - Centrica PLC on Tuesday said it has kicked off 2022 promisingly and expects annual earnings

at the top end of analyst expectations, despite seeing inflationary and supply chain "headwinds".

Shares in the Windsor, Berkshire-based power utility were 5.8% higher at 76.08 pence each in London on Tuesday morning, among the best FTSE 250-listed performers.

The British Gas-owner forecasts its 2022 adjusted earnings per share to be around the top of a 6.7p to 10.8p range. At the very least, this would be 63% higher than the 4.1p adjusted basic earnings per share it achieved in 2021.

It has delivered a "strong operational performance" in the first four months of 2022, though Centrica said it has not been all plain sailing.

In the British Gas Services & Solutions, Centrica said it has seen "some supply chain disruption and higher inflation impacting both the cost base and customer demand".

"We expect those headwinds to continue to, at least partially, offset underlying operational progress for the duration of this period of higher inflation," Centrica added.

Nuclear and gas production volumes in the UK have been "strong", meanwhile.

Centrica added: "Our Energy Marketing & Trading business has both secured increased volumes of gas and renewable energy to improve the UK and Europe's security of supply and managed increased commodity price volatility well."

Looking to the rest of the year, Centrica warned of "significant uncertainties". Weather, commodity prices and the possibility of bad debt charges could hit the business this year, it cautioned.

It earmarked GBP50 million worth of investment, planning to add 500 more UK-based customer service roles in British Gas Energy and 1,000 new UK engineering apprenticeships. The investment also will go to a fund which will provide grants of up to GBP750 for people struggling to pay energy bills.

The UK energy watchdog in February lifted its annual price

cap by more than 50% to GBP1,971 from GBP1,277, as wholesale gas prices continue to surge. The cap affects 22 million customers and was effective from April.

Away from soaring UK energy costs, Centrica said its disposal of Spirit Energy's Norwegian oil and gas assets are on track to be sealed in the second quarter, subject to Norwegian regulatory approvals.

Centrica announced the GBP800 million sale back in December.

Centrica added: "We have now started to evaluate longer-term options for repurposing Spirit Energy's retained UK assets to aid the energy transition and also continue to progress options to convert our Rough and Easington facilities to enable the UK's hydrogen targets."

The company will report interim results on July 28.

By Eric Cunha; [e-mail]

[disc0dave45] 10/5/2022 08:42

Mmmm
Think my work is done here.
Plus a bonus as someone’s been exposed for what they are, silly sausage :)
All the best

[wongsta] 10/5/2022 07:46

EPS of 10.8p, PE of 6.7? discodave telling PE of 36 is big lies.



Centrica plc (the "Company") has delivered strong operational performance in the first four months of 2022 and currently expects full year adjusted earnings per share to be around the top of the range of more recent analyst expectations1.

Notes:

1. As at 9 May 2022, the range of 2022 adjusted earnings per share from 8 sell side analyst forecasts published since Centrica's 2021 Preliminary Results announcement on 24 February 2022 is 6.7p to 10.8p.

[norma_noog] 09/5/2022 23:23

WOW! CNA closing share price 71.94, down 4.56, minus 5.96% (gulp). Anyone heard from diohohku160? Superb, but not superb if one bought at 160+😂

[disc0dave45] 09/5/2022 10:34

Scottish Power boss urges £1,000 bill cut for 10 million HTTPS://www.bbc.co.uk/news/business-61373482Keith Anderson, chief executive of Scottish Power, told the BBC that another expected rise in energy bills in October to between £2,500 and £3,000 a year could see huge losses for suppliers and many customers unable to pay their bills.

[disc0dave45] 08/5/2022 16:17

I expect Macron will soon be getting his hands on O'Sheas assets (oooh matron)HTTPS://www.ans.org/news/article-3939/frances-energy-woes-worsened-by-inspectionrelated-nuclear-power-plant-shutdowns/

[disc0dave45] 08/5/2022 11:47

Interesting to see if BG are being investigated for higher DD payments and trying to put customers on more expensive contracts rather than their cheaper SVT (they tried it on with me - I now set my own DD payments!)HTTPS://www.bbc.co.uk/news/business-61309576

[discojack33] 07/5/2022 11:45

theaccountant2, you are Diohohku old chap. Nice try to fool everyone, but you failed at the first hurdle. What at amateur (pmsl).

[discohenrypeaky] 07/5/2022 00:55

Theaccountant2, did you know that Diohohku bought CNA at 160 and above,using his pension pot, and now has a huge pension deficit (just like CNA)! By the way, have you heard from Fant1 or Purchaseatthebottom1 recently?

[norma_noog] 06/5/2022 21:14

WOW!!! CNA closing share price 76.50, down 3.62, minus 4.52% (gulp). Superb. Not superb if you bought at 160 and higher😂

[disc0dave45] 06/5/2022 16:01

Current PE 19x, forward PE 38x, still massively overvalued.

[disc0dave45] 06/5/2022 15:39

PmslTry again old chap, is this your new handle?

[theaccountant2] 06/5/2022 15:01

Did you not say SAGA was a great price at 398? Support at 398?I bought in there at 400 thanks to clowns like you.Why would anyone take advise from you?

[disc0dave45] 06/5/2022 11:06

HSBC cuts Centrica to 'reduce' (hold)

[grupo] 06/5/2022 10:33

HSBC cuts Centrica to 'reduce' (hold)

[norma_stitts] 06/5/2022 10:25

💩💩💩

[norma_stitts] 06/5/2022 10:24

Still stuck in the doldrums I see.

[norma_noog] 03/5/2022 22:53

tomtum7 has recommended CNA as an immediate sell and says buy Saga instead.

[the grumpy old men] 01/5/2022 09:06

AltEnergyMag

Online Trade Magazine




Concorde Battery

Zenobē enters construction for Scotland’s first transmission-connected battery

Visit for further information

Zenobē, the battery storage and EV fleet specialist, has reached financial close on its 50MW battery project in Wishaw, North Lanarkshire


04/30/22, 09:54 AMs

• Zenobē has started construction of the first battery to connect directly to the transmission system in Scotland to ensure the safe supply of power as the country moves to nearly total renewable energy in the next decade




• At 50MW/100MWh, this is the largest battery to be built in Scotland to date - and is a precursor for even larger projects Zenobē will be delivering in Scotland in the next three years

• Zenobē has chosen Centrica Business Solutions, Fluence and H&MV as its key suppliers for the project in Wishaw and Santander UK as its funding partner

• The site will enable 640GWh more renewable generation to travel from north to south over the next 15 years, delivering clean and secure energy at a lower cost to consumers

• The battery is the first ever to be used as part of National Grid ESO's Constraints Management pathfinder project, a scheme set up to secure power supply for Glasgow and the surrounding the region

The battery, which will be the largest in Scotland when commissioned, has started construction with plans to go live by the end of 2022. It will be the first in Scotland to ease constraints directly from the transmission network, helping to push down energy prices for consumers and accelerate the country's uptake of renewable energy.

Zenobē is working with Centrica Business Solutions as the route to market provider, entering a long-term floor contract which will see Centrica optimise the battery and open access to a variety of revenue streams for the asset. Fluence has been appointed as the Battery Energy Storage System supplier, and H&MV as the Principal Designer and Contractor. The project is being financed by Santander UK.

The project at Wishaw near Glasgow is a significant step for Scotland as it drives towards its 2045 net-zero target, one of the most ambitious in the world. Over the next 15 years, the site will enable 640GWh more renewable generation to travel from north to south and is forecast to remove 450,000 tonnes of CO2 from the atmosphere, equivalent to the amount that would be removed by planting 7,500 acres of new, European broadleaf forest or taking 18,000 diesel and petrol cars off the road.

The battery will be used as part of National Grid ESO's Constraints Management pathfinder project, helping increase transmission capacity for the region. This makes it the first battery in the UK to act as a flexibility tool to manage constraints.

James Basden, Co-founder and Director of Zenobē, says: "This project demonstrates real sustainable innovation. Scotland is leading the world in its move to renewable energy, and we're excited to be providing critical infrastructure for the UK's clean energy transition. Alongside our partners Fluence, Centrica, H&MV and Santander UK, we're increasing flexibility of supply for Glasgow and the wider network between Glasgow and Edinburgh and allowing a greater uptake of renewables and home-grown energy.

"The battery at Wishaw is one of a series of major battery flexibility projects by Zenobē and the first of hundreds of millions we intend to invest in Scotland in the next five years. We're excited to be entering construction for the project and moving forward with what will be a crucial step towards the UK's net zero targets."

Marek Kubik, Managing Director UK, Ireland & Israel, Fluence, commented: "We are pleased to be working with Zenobē to deliver the largest battery-based energy storage system to date in Scotland and the first to be connected directly to the transmission system in the country.

"The project in Wishaw will use the highly configurable Gridstack product with intelligent edge controls that is designed for the most demanding market applications and grid services. With the 50MW system being deployed in less than one year, Scotland will be able to benefit from the addition of low-cost, zero-emissions capacity in the near term while it builds towards its 2045 net-zero target."

Mark Cumbo, Director, Specialised & Project Finance, Santander UK, said: "We are delighted to provide Zenobē with funding to support its latest battery storage facility in Wishaw, following the finance we provided it last year to support construction of its flagship battery at Capenhurst. Santander UK strongly supports clients such as Zenobē that are bringing positive environmental change to the UK's energy sector."

Arno Van Mourik, Director of Centrica Business Solutions International, comments: "We're delighted to support Zenobē with multi-market optimisation services. We'll leverage our proprietary FlexPond™ platform and trading capabilities to be in the right market at the right time, unlocking greater returns over the lifetime of the project, while supporting the decarbonisation of our power system."

Asad Babadi, UK Managing Director, H&MV Engineering, adds: "H&MV Engineering are delighted to be engaged by Zenobē on another key project in the delivery of their Battery Storage pipeline. Our company is internationally accepted as a market leading, trusted supply chain partner for renewable developers & operators. H&MV have successfully connected over 1.5 GW of renewable electricity to the grid with quality and safety always forefront. These are exciting times for H&MV Engineering as we expand our reach throughout the UK and with that comes job creation and further growth. 2022 sees us celebrate our 25th year in business and we are very pleased to be playing a part in the UK's net zero strategy ambition."

04/30/22, 09:54 AM | Energy Storage & Grids, Other Energy Topics | Centrica Business Solutions

[silverstone_2] 28/4/2022 15:36

Diohohku, WOW!, you've blown your cover again with another silly and repetitive mistake! You must try to be more careful Fant1. Does PATB1 know about this breach?

[norma_noog] 28/4/2022 15:08

That's terrible news for British Gas. diohohku was living in cloud cuckoo land when he snapped up some shares at 160 and above. That's minus 50%+. Ouch. I bet he wished he had bought Saga at 120. That would be more than 50% up😂

[disc0dave45] 28/4/2022 11:01

‘British Gas has been named among the worst firms in the country for customer service, along with HMRC and the DVLA. Users complain of long phone waiting times and slow responses to problems.’

Boris has threatened to privatise two of them, the third to be nationalised! :)