Centrica: Feeling the heat

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UK Only Article: 
standard article

Fly Title: 

Centrica

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A tale of falling profits, prickly customers and hostile politicians

Byline: 

R.C.

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20150221_fnp509.jpg

ON FEBRUARY 19th, Centrica, the owner of British Gas—one of Britain’s “big six” energy providers along with EDF Energy, E.ON, npower, Scottish Power and SSE—reported a big fall in profits. It has also cut its full-year dividend. The company blames this poor result mainly on the warmest weather on record in Britain last year, which has reduced demand from households for heating. The falling price of oil has also played its part. And all this comes against a background of growing political uncertainty in the run-up to Britain's general election, in which the energy sector has become something of a political punch-bag.
The firm has certainly seen better days. Centrica's full-year operating profits fell by 35% to £1.75 billion (.7 billion), and earnings at British Gas’s residential business, the part most affected by …<div class="og_rss_groups"></div>
Source: Utilities
Centrica: Feeling the heat