Centrica PLC

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  • 232.70p
  • -1.00p (-0.43%)

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Centrica share price: British Gas owner to scrap standard variable tariff

Centrica to scrap standard variable tariff

Company pledges simpler tariffs

2 days ago

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About Centrica PLC

Centrica Plc (LON:CNA) is a British multinational utility company headquartered in Windsor. It is the biggest supplier of gas to customers in the UK and one of the biggest suppliers of electricity in the country. It has four divisions - British Gas (which operates in Scotland under the brand Scottish Gas), Centrica Energy, Centrica Storage and Direct Energy – and has operations in the UK, Europe, North America and Trinidad and Tobago. Sam Laidlaw is Centrica’s current CEO.
The company was formed in February 1997 through the demerger of British Gas Plc into two separate companies – Centrica Plc and BG Plc. BG, which became BG Group in 1999, and uses the British Gas name overseas, but has no involvement in Centrica’s domestic retail brand.
Centrica concluded a £2 billion contract for an annual 2.4 million tonnes of liquefied natural gas from Qatargas in 2011, with the initial agreement for three years. In 2011 Centrica also sold its Dutch subsidiary’s electricity and gas supply business for £63 million in cash to Eneco BV. This sale signalled the company’s withdrawal from gas and electricity supply in mainland Europe.
In 2011 Centrica also acquired interests in 8 Norwegian oil fields from Statoil ASA, for £1 billion. An agreement is also in place with Statoil for the purchase of 5 million cubic meters of gas per annum, the equivalent of around 5 percent of UK needs.
Centria Energie GmbH, the company’s German trading operation was discontinued in 2012 and in July 2013 Centrica announced an agreement for the acquisition of Hess Corporation’s energy marketing division £0.64 billion.
Centrica is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. It’s one of the biggest companies on the LSE with a market capitalisation of more than £20 billion.

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