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Centrica PLC (CNA.L)

CNA.L on London Stock Exchange

18 Aug 2017
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Latest Key Developments (Source: Significant Developments)

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

Centrica to invest 60 mln pounds to increase Morecambe Bay gas production
Wednesday, 3 May 2017 04:56am EDT 

May 3 (Reuters) - Centrica Plc :Britain's Centrica will invest 60 million pounds ($78 million) to boost Morecambe Bay gas production, it said in a statement on Wednesday..The project to refurbish two 5,000-tonne platforms in the East Irish Sea is expected to start later this month..Once complete, the project will unlock up to a further 3 billion cubic feet of gas under the East Irish Sea by simplifying the process required to get it to shore..  Full Article

Norway's Maria field could start producing in H1 2018-operator
Tuesday, 2 May 2017 04:49am EDT 

May 2 (Reuters) - Wintershall Holding Gmbh [RIC:RIC:WINT.UL]:Wintershall says its Maria oilfield off Norway could start producing in H1 2018.Wintershall CEO Mario Mehren says the startup will depend on the drilling success.Says drilling started in March and is expected to last for up to 580 days.The field is estimated to hold around 180 million barrels of oil equivalents of recoverable reserves, mostly oil.Wintershall has 50 pct stake, Norway's Petoro 30 pct and Centrica <<>> 20 pct .  Full Article

Amec Foster Wheeler awarded 60 mln stg contract extension
Wednesday, 15 Mar 2017 03:38am EDT 

Amec Foster Wheeler Plc : Amec Foster Wheeler wins 60 million stg contract extension for Centrica's Morecambe bay assets . Secures around 200 jobs .Original contract awarded to Amec Foster Wheeler in 2011 is now extended for a further three years to end of 2019.  Full Article

Centrica secures UK capacity agreements for 500 MW of new plants
Friday, 9 Dec 2016 03:36am EST 

Centrica Plc : Centrica says confirmed plans to build flexible power facilities having secured 15-year agreements for over 500 MW of new capacity in UK capacity auction . Centrica says 370 MW combined cycle gas turbine at King's Lynn awarded capacity agreement . 49 MW battery storage facility in Cumbria; two 50 MW fast-response distributed generation gas-fired plants at Brigg in North East Lincolnshire and Peterborough in Cambridgeshire also secured capacity agreements . Centrica says construction of new power facilities to start next spring .Centrica's Langage, South Humber Bank and Brigg gas-fired power stations and all 16 reactors in the UK's operational nuclear fleet, in which Centrica has a 20 percent equity interest, have also been awarded one-year capacity agreements starting in October 2020..  Full Article

Centrica to sell its equity interests in Trinidad and Tobago gas assets to Shell
Wednesday, 30 Nov 2016 07:00am EST 

Centrica Plc : Disposal . Agrees to sell its entire equity interests in Trinidad and Tobago gas assets to Shell . Deal for an initial cash consideration of $30 mln (£24 mln) . Assets consist of a 17.3 percent interest in producing NCMA-1 block . Assets also consist of 80 percent and 90 percent operated interests respectively in undeveloped blocks NCMA-4 and Block 22 . In addition to initial consideration, Centrica will receive further payments subject to block 22 and NCMA-4 reaching agreed project milestones .Transaction is subject to government and partner approval and is expected to close in first half of 2017.  Full Article

Centrica buys UK water leaks detection business
Tuesday, 30 Aug 2016 03:30am EDT 

Centrica Plc : Acquisition .Acquired Flowgem Limited, an early stage UK-based business developing unique and innovative technology to remotely detect water leaks, for 13 mln stg.  Full Article

Centrica names Stephen Hester as senior independent director
Thursday, 28 Jul 2016 04:00am EDT 

Centrica Plc : Appointment of Stephen Hester as senior independent director with effect from 1 October 2016 .Stephen succeeds Ian Meakins who steps down from board as senior independent director with effect from 1 October 2016..  Full Article

Centrica loses 399,000 customers in the first half of 2016
Thursday, 28 Jul 2016 02:31am EDT 

Centrica Plc : Adjusted operating cash flow up 19 pct to 1,372 million stg, including working capital delivery in UK business. . Impact of low commodity prices on E&P and central power generation, partially offset by cost efficiency. . Focus and investment in customer service resulting in improved service metrics. . Home accounts in North America and Ireland stable. . CMA final report provides clarity on UK regulatory framework. Focus is now on bringing new innovative products and services to market. . 2016 full year adjusted operating cash flow on track to exceed 2 billion stg . 2016 first half net debt down to 3.8 billion stg, a reduction of 23 pct compared to first half of 2015 . Interim dividend of 30% of last year`s full year dividend in line with established practice . As previously stated, full year dividend will be determined based on our assessment of sustainable growth in operating cash flow. . E&P production was down 7%, largely reflecting natural portfolio decline, however we expect a first contribution from large scale cygnus development in q4 of 2016 . We have now installed over 360,000 connected hubs in uk. . We made very good progress in our cost reduction programme in first half of 2016, from which we expect to be delivering £750 million of savings per annum by 2020 . Adjusted earnings down 14% to 507 million stg, primarily reflecting extreme warm weather in north america.  Full Article

Centrica says CMA reforms will enhance energy market
Friday, 24 Jun 2016 05:51am EDT 

Centrica Plc : Reg-Centrica Plc Competition and Markets Authority . Now look forward to working with regulators and other interested parties as we implement outcome to deliver even further competition in market to benefit customers .Believe that many of CMA remedies will further enhance market and benefit customers.  Full Article


UK inflation steady in July, may be nearing peak

LONDON British consumer price inflation unexpectedly held steady last month, bucking market expectations for a renewed rise, after fuel prices fell and the effect of the pound's tumble after last year's Brexit vote started to fade. | Video