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Even by the recent catalogue of corporate woes, Centrica’s announcement earlier this month that it had plunged into a loss of more than £1 billion must have been hard to take for outgoing CEO Iain Conn. As further heavy losses for 2019 continue to put the spotlight on the British Gas owner, Adam John looks at the direction of travel now for the energy leviathan and who might be the person to lead it.
5 years ago
Figures published by Energy UK show a 17 per cent year-on-year increase in customers switching supplier last month. Energy UK also issued an update on how deals such as Ovo buying SSE's retail arm will affect future figures.
Ofgem has launched an investigation into Western Power Distribution’s (WPD) obligations to its priority service register customers. WPD is the network operator which covers the Midlands, South Wales and the South West.
Northern Ireland’s Utility Regulator chief executive Jenny Piper has announced she will retire in the Autumn after almost seven years in the role. Pyper will remain in place to help facilitate the appointment of her successor.
EDF Energy has reported a £294 million pre-tax operating loss in its financial results for 2019, blaming the price cap and nuclear outages, The company also announced the acquisition of a majority stake in electric vehicle charging company Pod Point.
Price caps, nuclear outages and falling natural gas prices have hit British Gas owner Centrica’s finances. Still, the company is aiming to become the cheapest energy supplier by 2022. Outgoing chief executive Iain Conn described the sector as being a “challenging environment” when the company unveiled its preliminary financial results for year ending 31 December 2019. Utility Week takes a look beyond the headline figures.
Centrica chairman Charles Berry is taking a leave of absence due to an “unanticipated medical condition". The interim chairman is expected to be in place for the next few weeks.
Ofgem has rescinded the provisional order it placed on Outfox the Market which obliged the energy supplier to make a Feed-in Tariff (FIT) payment of nearly £603,000. Outfox has expressed its disappointment with the regulator for publishing a public release prior to the due date.
