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British Gas owner Centrica expects tough H1 trading conditions

Gasoil News - Published on Tue, 14 May 2019

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Britain's largest energy supplier Centrica faces a challenging trading environment in the first half of the year due to a national cap on energy prices, warmer-than-normal weather and weak UK natural gas prices. The company, whose British Gas unit is Britain's largest energy supplier, said these factors would impact financial performance in the first half of 2019, but maintained its full-year outlook for operating cash flow and net debt. It expects to achieve 2019 adjusted operating cash flow in the 1.8-2 billion pound range but said the tough trading conditions would put pressure on the outlook for the year.

British energy regulator Ofgem was told by parliament last year to cap energy prices after lawmakers said customers were being overcharged for electricity and gas. Prime Minister Theresa May had called the tariffs a "rip-off".

Centrica said earlier this year the cap on standard energy prices would lead to a GBP 300 million hit to profits in 2019, including a one-off impact of about 70 million in the Q1 of 2019.

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Posted By : Rabi Wangkhem on Tue, 14 May 2019
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