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2016-07-29 18:55:00

BG LOSES MARKET

BG LOSES MARKET

According to FT, nearly 400,000 UK households left British Gas in the first six months of this year, as the company found its market share being taken by independent energy suppliers.

The energy group lost 399,00 domestic energy supply accounts from January to June, according to its parent company Centrica, which announced its half-year results on Thursday.

It blamed those losses on an unusual number of people ending their energy contracts at the same time, adding that it had increased its number of customers in June.

The figures underline the difficulties being faced by some of the UK's "big six" energy suppliers. Many have seen profits fall in their electricity generation business as the wholesale cost of electricity has dropped, while also being criticised for not cutting retail prices more quickly.

Claire Osborne, energy analyst at uSwitch, the price comparison service, said: "Energy suppliers big and small continue to eat away at British Gas's market share. The only way that British Gas can start to win back customers is by launching new, competitive deals."

In the first half of the year, Centrica suffered falling profits in both its gas exploration and production business, as well as its power generation arm. That, combined with record warm winter weather in North America, meant adjusted operating profit fell 12 per cent from the same time last year to £853m. Once one-off gains were factored in, such as money raised from selling oil and gas assets and its interest in a wind farm, operating profits jumped 31 per cent to £1.8bn.

Its interim dividend rose 0.03p to 3.6p per share.

Shares in Centrica rose 1.5 per cent to 245.6p after the results on Thursday morning.

Amid the wider downturn affecting energy businesses as a result of falling oil and gas prices, Centrica has been trying to cut costs. It said on Thursday it had removed £141m of costs during the first half of the year, and increased its target for the full year to £300m.

Iain Conn, Centrica's chief executive, said: "The first half of the year has been demanding for Centrica, but the response has been strong and I am encouraged by the progress we have made. We are delivering underlying performance improvement and are building a robust platform for customer-focused growth."

He added: "I remain confident in our ability to deliver both attractive returns and underlying cash flow growth, as we continue to implement our strategy."

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Earlier: 

SHELL & BG MERGER 

BG STARTS LNG $20 BLN 

BG & STATOIL: CHANGE CEO 

BG GROUP: UP 22% 

BG EXPLORES MYANMAR 

BG GROUP INVESTMENT 

BG GROUP FIND IN KENYA

 

 

Tags: BG, BRITISH, GAS, BRITAIN, UK

Chronicle:

BG LOSES MARKET
2017, December, 15, 12:50:00

LUKOIL'S PLAN: $50

LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.

BG LOSES MARKET
2017, December, 15, 12:45:00

BP INVESTS TO SOLAR

BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.

BG LOSES MARKET
2017, December, 13, 12:40:00

OIL PRICE: ABOVE $64 YET

REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.

BG LOSES MARKET
2017, December, 13, 12:35:00

RUSSIAN-TURKISH NUCLEAR

ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.

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