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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:

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2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

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2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

BG LOSES MARKET
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

BG LOSES MARKET
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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