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Centrica PLC (CNA.L)

CNA.L on London Stock Exchange

205.50GBp
21 Jul 2017
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Latest Key Developments (Source: Significant Developments)

UK's Ofgem says British Gas to pay 1.1 mln stg to compensate customers
Thursday, 20 Jul 2017 02:28am EDT 

July 20 (Reuters) - UK's Office of Gas and Electricity Markets: :British gas pays 1.1 mln stg to compensate customers after agents missed appointments​.Around 12,000, largely business, customers were affected​.Due to these actions, OFGEM has agreed to this redress package with British Gas and is not taking formal enforcement action.​.  Full Article

Centrica named in UK demand side response framework
Tuesday, 18 Jul 2017 04:01am EDT 

July 18 (Reuters) - Centrica Plc ::Named by Crown Commercial Service (CCS) as a supplier on its demand side response framework.Three-Year framework agreement names Centrica as one of six suppliers of demand side response services.  Full Article

Centrica says to create E&P JV with Stadtwerke Muenchen
Monday, 17 Jul 2017 02:00am EDT 

July 17 (Reuters) - Centrica Plc :Co, Stadtwerke München reached agreement to combine co's European oil, gas E&P business with Bayerngas Norge AS to form JV.JV to have 2 shareholding entities. Co to own 69 pct; Bayerngas Norge's existing shareholders, led by SWM, Bayerngas Gmbh, will own 31 pct.Effective date of transaction is 1 January 2017 and it is expected to close in Q4 of 2017.100-150 million stg of net present value (npv) expected through Synergies from cost savings and portfolio optimisation from deal.Portfolio of joint venture will be gas weighted, with approximately 66 pct of total reserves and resources comprising natural gas.Joint venture will comprise Centrica's assets in UK, Netherlands and Norway and Bayerngas Norge's assets in UK, Norway and Denmark.JV to control a meaningful portion of combined portfolio, with operatorship of approximately 22 pct of its expected 2017 production.Centrica expects to acquire and market all production from joint venture's assets under marketing and sales agreements.JV expects to invest about 80% of post-tax operating cash flow through cycle in organic and inorganic growth options.In near term, it is envisaged that joint venture will invest in range of £400-600 million per annum.  Full Article

Centrica would consider selling UK nuclear plant stake - CEO
Wednesday, 21 Jun 2017 06:20am EDT 

June 21 (Reuters) - Centrica Plc :Centrica CEO says would consider divesting stake in uk nuclear plants if received right offer.  Full Article

Centrica says revenue from connected home unit could reach 1 bln pounds by 2022
Wednesday, 21 Jun 2017 05:00am EDT 

June 21 (Reuters) - Centrica Plc :Centrica's ceo of consumer business says revenue from connected home division could reach 1 billion pounds by 2022.  Full Article

Centrica says on track to meet 2017 financial targets
Wednesday, 21 Jun 2017 03:47am EDT 

June 21 (Reuters) - Centrica Plc :Centrica says on track to deliver 2017 financial targets - presentation slides.Centrica says targeting 2.5-3 billion pounds net debt by end 2017 - presentation slides.Centrica says continues to engage constructively with uk government, regulator on energy market - presentation slides.Centrica says targets distributed energy & power division to break-even by 2019 - presentation slides.Centrica says to invest around 250-350 million pounds a year between 2017-2020 - presentation slides.  Full Article

Centrica to sell Langage,South Humber Bank power stations
Wednesday, 21 Jun 2017 02:00am EDT 

June 21 (Reuters) - Centrica Plc ::Centrica to sell Langage and South Humber Bank gas-fired power stations.Sale to EP UK Investments Ltd ("EPUK") for 318 million pounds in cash.Transaction is subject to EU merger clearance and is expected to complete during second half of 2017.  Full Article

Centrica To sell its 60 pct stake in Canadian E&P business​
Friday, 9 Jun 2017 02:00am EDT 

June 9 (Reuters) - Centrica Plc :Centrica Plc - disposal.‍Centrica agrees sale of its Canadian E&P business​.‍CQ Energy Canada Partnership, Canadian E&P joint venture in which Centrica Plc owns a 60 pct interest, is to be sold​.‍To a consortium comprising MIE Holdings Corporation, Can-China Global Resource Fund and Mercuria for a purchase price of c$722 million in cash​.‍Centrica's net share of sale proceeds is expected to be approximately 240 million stg after adjustments​.‍Divestment means centrica's E&P activity will now be focused solely on European assets​.‍Transaction is expected to close in second half of 2017​.  Full Article

Centrica says 86.20 pct votes favour remuneration resolution at AGM
Tuesday, 9 May 2017 06:17am EDT 

May 9 (Reuters) - Centrica Plc ::86.20 percent vote in favour of resolution to approve directors' annual remuneration report at AGM.  Full Article

Centrica says on track to deliver against 2017 targets
Monday, 8 May 2017 02:00am EDT 

May 8 (Reuters) - Centrica Plc ::Trading statement.Connected home revenue 30 pct higher to end of April 2017 compared to same period in 2016.Warmer than normal weather in YTD resulted in lower than planned consumption in UK and North America.Higher realised unit margins in North America home energy supply and good optimisation performance in North America business.YTD UK wholesale oil, gas and baseload power prices have all fallen since Centrica's preliminary results in February.UK home energy supply accounts down 261,000 in year to date.FY adjusted operating cash flow is expected to be above 2 bln stg.Divestment programme on track, with completion of trinidad and tobago E&P assets expected later in H1 and Canada E&P sale targeted for 2017.2017 closing net debt is expected to be in 2.5 bln stg-3.0 bln stg range.Capital investment, including small acquisitions of less than 100 mln stg each, is expected to be no more than 1 bln stg in 2017, including E&P capex of around 500 mln stg.FY incremental revenue investment of around 100 mln stg in growth areas.Like-for-like direct headcount reduction of around 1,500 expected during 2017.Efficiency savings of 250 mln stg expected in 2017.We remain on track to deliver against our 2017 targets - CEO.Have had dialogue with government, proposed alternative ways to improve market further, without resorting to price regulation.  Full Article

EU mergers and takeovers (July 20)

BRUSSELS, July 20 The following are mergers under review by the European Commission and a brief guide to the EU merger process: