Company strategy

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British Gas profits soar 900% thanks to price cap allowance

British Gas has posted a record adjusted operating profit of £969 million for the first half of 2023, largely thanks to changes made to the price cap to allow the recovery of unexpected costs. The figure is almost 900% higher than the same period in 2022. Speaking on a conference call with journalists, Centrica chief executive Chris O’Shea stressed the record British Gas profit was a “one off”.

2 years ago

Minimum capital requirements confirmed for energy retailers

2 years ago

Ofgem calls for more regulatory powers

2 years ago

Affinity surpasses leakage target

Affinity Water has said it is confident of meeting its leakage commitment for the current asset management period to 2025 after surpassing its leakage target for the past year. It reduced water lost by 15.8% against a target of 14%. This was against a backdrop of challenging weather worsening the conditions that cause pipes to crack and burst.

2 years ago

Ofgem criticised for handling of SSE investigation

2 years ago

Fuse CEO: Now is the time for a better retailer

2 years ago

Energy retail market ‘overly focused on the short term’

2 years ago

Outfox pays out £1.8m over regulatory failings

2 years ago

Opportunity for payments revolution for the utilities sector

2 years ago

Ovo investors up stake as firm records £1.3bn loss

2 years ago

UU rolls out hardship hub

United Utilities has made its hardship hub available for everyone to use after online requests for support with bills increased 74% this year. The service is a one-stop shop for advice and schemes on paying bills, housing enquiries and debt advice from hundreds of local and national initiatives

2 years ago

How innovation can make water sexy

2 years ago

Ministers urged to announce winter support measures now

2 years ago

Tackling customer vulnerability should not be left to chance

2 years ago

Fuel poverty is no longer a niche problem in UK

2 years ago

Heidi Mottram: Single social tariff is a ‘no brainer’

2 years ago

Ofgem to review wholesale energy allowances in price cap

2 years ago

Water minister dodges social tariff and wet wipe commitments

2 years ago

South East pays out dividend and bonuses despite supply woes

South East Water has paid out a £9 million dividend and its chief executive has pocketed a six-figure bonus, despite a year of supply-related problems. The company’s annual results also reveal that the firm made a £74 million pre-tax loss, representing a £91 million swing compared to the £17 million profit recorded last year. Union bosses and consumer groups have questioned the appropriateness of the dividend and bonus payments, given the loss-making firm has also been blighted by performance issues.

2 years ago

Portsmouth Water officially takes on Kraken platform

2 years ago