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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Centrica    CNA   GB00B033F229

CENTRICA

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E.ON UK to raise energy prices by 10 percent from April

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02/11/2019 | 07:38am EDT
A shareholder carries a bag with the logo of E.ON during the company's annual shareholders meeting in Essen

LONDON (Reuters) - E.ON will raise its standard variable energy prices by just over 10 percent from April, becoming the first of Britain's "big six" energy firms to announce a rise in line with regulator Ofgem's new price cap.

Last week, Ofgem said the cap on duel-fuel bills - both gas and electricity - would rise by 117 pounds a year, or 10.3 percent, to 1,254 pounds a year from April 1 for average energy use.

"In line with that, we'll be making changes to our standard variable tariff prices from 1st April and expect to see similar movements across the energy industry," an E.ON UK spokeswoman said via email.

Ofgem was told by parliament last year to set a limit after lawmakers said customers were being overcharged for electricity and gas. Prime Minister Theresa May had called the tariffs a "rip-off".

The regulator last week said the cap would rise from April to reflect higher costs for energy suppliers such as wholesale prices, which it said were 17 percent higher than during the last cap period.

Several of Britain's biggest suppliers, a group known as the big six, which control around 70 percent of the market, complained the cap was initially set too low and most are expected to up their prices to match the cap level.

Innogy's npower said the cap was partly why it announced plans last month to shed 900 jobs.

Britain's other big six energy suppliers are Centrica British Gas, SSE, Iberdrola Scottish Power and EDF Energy.

(Reporting by Susanna Twidale; Editing by David Goodman and Jane Merriman)

Stocks mentioned in the article
ChangeLast1st jan.
CENTRICA 1.44% 105.75 Delayed Quote.-22.79%
E.ON SE 0.29% 9.692 Delayed Quote.12.08%
ELECTRICITÉ DE FRANCE -0.08% 12.405 Real-time Quote.-10.14%
IBERDROLA 4.30% 8.148 End-of-day quote.16.10%
INNOGY SE 0.02% 41.31 Delayed Quote.1.40%
SCOTTISH AND SOUTHERN ENERGY 0.44% 1147 Delayed Quote.5.46%
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Financials (GBP)
Sales 2019 28 055 M
EBIT 2019 1 242 M
Net income 2019 428 M
Debt 2019 3 536 M
Yield 2019 9,35%
P/E ratio 2019 12,48
P/E ratio 2020 10,22
EV / Sales 2019 0,34x
EV / Sales 2020 0,33x
Capitalization 5 934 M
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Mean consensus HOLD
Number of Analysts 14
Average target price 1,23  GBP
Spread / Average Target 18%
EPS Revisions
Managers
NameTitle
Iain C. Conn Chief Executive Officer & Director
Richard Neil Haythornthwaite Chairman
Christopher O’Shea Group Chief Financial Officer & Executive Director
Mike Young Group Chief Information Officer
Margherita Della Valle Independent Non-Executive Director
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