Centrica Share Discussion Threads

[norma_noog] 13/6/2022 21:53

CNA closing share price 77.98, down 2.68, minus 3.32% (WOW). This was over 250 5 years ago. Will dio160 ever get to 160 again? Superb🚗

[waldron] 12/6/2022 09:30

Centrica Looks To Reopen Britain’s Biggest Natural Gas Facility
By City A.M - Jun 10, 2022, 11:30 AM CDT

Centrica has filed a formal application to reopen Britain’s biggest natural gas storage site after the site was closed five years ago for “economic̶1; reasons.

The Windsor-headquartered utility company has submitted a formal application to the North Sea energy regulator to reopen the Rough facility off the east coast of Yorkshire.

Centrica previously closed its gas storage facility in 2017, after the government refused to subsidise the cost of repairs to the North Sea facility.

The application comes as the government pushes forwards with plans to increase the UK’s gas storage capacity as a means of limiting the impacts of the energy crisis ahead of the coming winter.

The plans come as global natural gas prices have soared in recent months as demand has outstripped supply, due to rebounding global demand following Covid and Russia’s invasion of Ukraine.

The Rough facility consists of a depleted natural gas field, which lies 2.7km below the seabed, 18 miles off the coast of Yorkshire.

By CityAM

More Top Reads From Oilprice.com:

[disc0dave45] 11/6/2022 12:47

PMSL

Close Brothers bring SAGA to market
hamhamham116 Feb '21 - 09:53 - 7061 of 20945
0 0 0
This is pointless, i am long here, i think it's a good and uundervalued company.
You just got issues.

This is 2% of my portfolio.

Close Brothers bring SAGA to market
hamhamham119 Feb '21 - 15:00 - 7647 of 20945
0 0 0
News will be positive be steady, think will be well received. But not bothered as here for 5 yrs or so, 1500p is long term target, that's still only about half the previous market cap high.

[hamhamham1] 10/6/2022 18:27

Disco gonna lose his shirt on SAGA.
Doh!

[norma_noog] 09/6/2022 21:41

CNA closing share price 81.94, down 1.34, minus 1.61%😂

[sarkasm] 08/6/2022 07:30

Tuesday 07 June 2022 6:06 pm


Protecting customer balances crucial to fixing energy sector, warns British Gas owner

By: Nicholas Earl

Ringfencing the credit balances of customers across the energy sector should be an industry standard in order to protect consumers, argues the chief executive of British Gas owner Centrica.

Speaking at the energy giant’s annual general meeting today, Chris O’Shea described the failures of the retail market as “predictable and predicted”.

He voiced his support for adequacy rules and fit and proper persons tests to ensure suppliers were run responsibly.

This follows a raft of reforms from market regulator Ofgem to ensure the financial durability of energy firms in the face of future market shocks.

He also for “customer protections” for the credit balances of customers, so that energy firms could not use money intended to pay for gas to fund commercial strategies.

The energy chief hit out at “one of the “largest, newer UK energy suppliers” that he said was against the proposal, which had become a company policy at British Gas.

Centrica announced in February that it had voluntarily protected all British Gas customers’ credit balances, and had called on Ofgem to make this an common practice across the energy sector.

While its proposals for ringfencing could protect balances, it would not address key issues that caused suppliers to collapse such as a lack of hedging across the energy industry and the constraints of a rigid price cap amid soaring wholesale costs.

Ringfencing could also drive up energy bills, by forcing companies to seek more funds to offset money owed to them by customers over extended periods of time.

This would favour larger energy firms with more resources, which have generally rode out the energy crisis more successful than smaller suppliers in the market.



British Gas anticipates hefty profits after navigating challenging industry conditions

British Gas has scooped up 700,000 new customers from fallen firms amid market carnage caused by spiralling wholesale prices, insufficient hedging and the constraints of the rigid consumer price cap.

This has seen 29 suppliers collapse since last September – directly affecting over four million customers.

This includes the fall of Bulb Energy into de-facto nationalisation, propped up by £3bn of public funds since November, in the biggest state bailout since RBS in 2008.

Last month, Centrica said it expects to post annual earnings above forecast expectations, of between 6.7 and 10.8p per share.

The company been boosted by “strong” volumes across its nuclear and gas production operations while its trading business has also increased volumes of gas and renewable energy to improve UK supply amid pressure from the Russian invasion of Ukraine.

It also confirmed the sale of Spirit Energy’s Norwegian assets last week in a $1bn plus deal.

O’Shea also spoke out against the Energy Profits Levy, an additional 25 per cent tax placed on North Sea oil and gas operators.

It is expected to raise £5bn to help ease soaring household energy bills – but has also raised industry concerns it could deter investment.

He said: “The recent intervention in the form of a windfall tax in the UK creates uncertainty, damages investor confidence, and is borne by shareholders.”

The energy chief argued that the government should be “encouraging the substantial investment needed to deliver a low carbon future” which, could create “hundreds of thousands of new well-paid green jobs” to grow the economy.

[ariane] 07/6/2022 14:05

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.”

[skinny] 07/6/2022 07:04

.

Centrica Annual General Meeting

Centrica plc (the "Company") will hold its Annual General Meeting today at 10.00am at Leicester Marriott Hotel, Smith Way, Grove Park, Enderby, Leicester, LE19 1SW.

The Company's performance and outlook remain unchanged since the Trading Update issued on 10 May 2022.


It looks like someone didn't proof read the RNS!

[boltonwonderkid] 06/6/2022 12:08

I'm well happy bought in at 47p!1.60 will get there our kid!Gas is only going up for many years to come!

[338] 06/6/2022 10:43

I will be happy to sell at 160p, yes 👍👍👍

[time 2 retire] 02/6/2022 13:15

Simply Wall st gives CNA an intrinsic value of £1.60.....
I'll be happy with anything north of a quid and divi reinstated by year end.

[djbilywiz] 02/6/2022 12:43

https://m.uk.investing.com/news/stock-market-news/advisory-firm-pirc-opposes-centrica-remuneration-policy-2659788?ampMode=1

[djbilywiz] 02/6/2022 12:42

O'Shea and cronies don't deserve bumper pay packets for abject failure. https://m.uk.investing.com/news/stock-market-news/advisory-firm-pirc-opposes-centrica-remuneration-policy-2659788?ampMode=1

[american idiot] 01/6/2022 12:47

Congratulations Centrica !

FTSE 100 member !

I await the magical £1 !

[338] 01/6/2022 11:11

Looks good 👍

[338] 01/6/2022 10:13

Is centrica officially promoted into FTSE 100 now?

[mroalan] 31/5/2022 15:13

Listening to Jeremy Vine in the car where he,s talking about price caps on utilities. standing charges? very interesting i had no idea what is going on, listen to where he,s talking to a lady who represents the utilities where she mentions some decisions are "political".So even if you do not use any utilities they still charge you for the meters,folk in rulal areas are having the meters removed. mro

[mroalan] 31/5/2022 15:12

Ed Conway
@EdConwaySky
· May 17
🧵
Something seriously odd is afoot in natural gas markets.
There's a BIG glut of gas in the UK.
Wholesale gas prices are the lowest in 18 months.
There is so much gas no-one is quite sure what to do with it
Yet far from falling, household gas bills are heading even higher.
GAS CHART.

[maywillow] 30/5/2022 11:26

Centrica says Spirit Energy asset sale take may rise to USD1.2 billion

Mon, 30th May 2022 11:00
Alliance News

(Alliance News) - Centrica PLC on Monday said it has completed the USD1.1 billion sale of Spirit Energy's Norwegian oil and gas assets.

In December, the Windsor, Berkshire-based energy company had said it planned to sell Spirit Energy's Norwegian portfolio plus the Statfjord field. Sval Energi AS agreed to buy Spirit Energy's Norwegian oil and gas business, while Equinor ASA bought Spirit Energy's interests in the Statfjord field.

On Monday, Centrica said that the initial headline consideration of USD1.1 billion had been satisfied. It added that the final headline consideration may rise to USD1.2 billion, depending on commodity prices

. It also noted that all decommissioning liabilities, estimated at GBP800 million, will be transferred to the buyers.

Following the sale, Centrica said Spirit Energy will focus on maximising delivery of its gas production for the UK.

The transaction is expected to be complete on Tuesday.

Shares in Centrica were down 0.7% to 76.68 pence each in London on Monday morning.

By Sophie Rose; [e-mail]

[maywillow] 30/5/2022 11:26

Centrica says Spirit Energy asset sale take may rise to USD1.2 billion

Mon, 30th May 2022 11:00
Alliance News

(Alliance News) - Centrica PLC on Monday said it has completed the USD1.1 billion sale of Spirit Energy's Norwegian oil and gas assets.

In December, the Windsor, Berkshire-based energy company had said it planned to sell Spirit Energy's Norwegian portfolio plus the Statfjord field. Sval Energi AS agreed to buy Spirit Energy's Norwegian oil and gas business, while Equinor ASA bought Spirit Energy's interests in the Statfjord field.

On Monday, Centrica said that the initial headline consideration of USD1.1 billion had been satisfied. It added that the final headline consideration may rise to USD1.2 billion, depending on commodity prices

. It also noted that all decommissioning liabilities, estimated at GBP800 million, will be transferred to the buyers.

Following the sale, Centrica said Spirit Energy will focus on maximising delivery of its gas production for the UK.

The transaction is expected to be complete on Tuesday.

Shares in Centrica were down 0.7% to 76.68 pence each in London on Monday morning.

By Sophie Rose; [e-mail]

[norma_stitts] 30/5/2022 10:58

I doubt he could afford a Sega mega drive, let alone a Saga cruise.