Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

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

CENTRICA (CNA)
My previous session
Most popular
  Report  
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets

UK government must act urgently to put energy price cap in place by next winter - MPs

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/13/2018 | 07:59am CEST
FILE PHOTO - Electricity pylons are seen in London

LONDON (Reuters) - Britain's government must act urgently to ensure a price cap on domestic energy prices is in place by next winter to help fix the country's broken energy market, a parliamentary committee said on Tuesday.

Prime Minister Theresa May said in October she would impose controls to tackle what she called "rip-off energy prices" - home power bills have doubled in Britain over the past decade to an average of about 1,150 pounds a year.

The government must pass a law before Britain's energy regulator Ofgem can set a cap, and Ofgem said last month this must be passed by the summer if the cap is to be in place to keep bills lower next winter.

"The energy market is broken ... an energy price cap is now necessary and the government must act urgently to ensure it is in place to protect customers next winter," said Rachel Reeves, Chair of the Business, Energy and Industrial Strategy Committee, which authored the report.

The Committee said the cap should be an absolute price limit rather than a relative cap which would limit the difference between the highest and lowest prices charged by each supplier.

It also criticised the big six energy companies for overcharging customers, who can pay as much as 300 pounds a year more than those on cheaper tariffs, and Ofgem for being slow and reluctant to act.

"The Committee urges Ofgem to be faster and more proactive in using its extensive powers to protect consumers from overcharging in the future," it said.

Britain's big six energy suppliers, which control around 80 percent of the market, are Centrica's (>> Centrica) British Gas, SSE (>> Scottish and Southern Energy), E.ON (>> E.ON), EDF Energy (>> Electricité de France), Innogy's (>> innogy SE) Npower and Iberdrola's (>> Iberdrola) Scottish Power.

The report also called on the government to close any loopholes in the draft legislation, published in October, which would allow companies to avoid the cap on more expensive green tariffs, which guarantee a certain amount of electricity comes from renewables such as wind or solar power.

(Reporting By Susanna Twidale, editing by David Evans)

Stocks mentioned in the article
ChangeLast1st jan.
CENTRICA -0.81% 147.2 Delayed Quote.8.08%
E.ON 1.37% 9.4 Delayed Quote.2.34%
ELECTRICITÉ DE FRANCE 0.38% 13.35 Real-time Quote.27.64%
IBERDROLA 0.43% 6.54 End-of-day quote.0.81%
INNOGY SE -0.13% 37.52 Delayed Quote.14.98%
SCOTTISH AND SOUTHERN ENERGY 0.12% 1269.5 Delayed Quote.-3.94%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on CENTRICA
08/13CENTRICA : Welcome to the world's first Google Street View tour of an offshore g..
PU
08/10Why UK energy firms are upping prices while government fights to keep them do..
RE
08/10CENTRICA : and Ombu invest in Israeli EV charging software provider, Driivz
AQ
08/10CENTRICA : Director/PDMR Shareholding
PU
08/09CENTRICA : British Gas hikes prices for 3.5m UK customers
AQ
08/08CENTRICA : British Gas puts up bills by £44 in second increase this year
AQ
08/08Centrica's British Gas to raise energy prices for second time this year
RE
08/08CENTRICA : British Gas Standard Variable Tariff to increase
PU
08/08CENTRICA : British Gas Standard Variable Tariff to increase due to rising wholes..
PU
08/07CENTRICA : Correction to Dividend Record Date
PU
More news
News from SeekingAlpha
07/31Centrica Plc reports 1H results 
06/08Why Contrarian Value Investing Is Both Agony And Ecstasy 
05/10Centrica's 8% Dividend Yield Means It's Priced For Energy Armageddon 
04/07DIVIDEND DOGS WITH MORE BITE : How To Hunt For High Yield Large-Cap Shares 
02/23Centrica's (CPYYF) CEO Iain Conn on Q4 2017 Results - Earnings Call Transcrip.. 
Financials (GBP)
Sales 2018 28 355 M
EBIT 2018 1 475 M
Net income 2018 628 M
Debt 2018 3 073 M
Yield 2018 8,09%
P/E ratio 2018 11,96
P/E ratio 2019 11,86
EV / Sales 2018 0,40x
EV / Sales 2019 0,40x
Capitalization 8 368 M
Chart CENTRICA
Duration : Period :
Centrica Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CENTRICA
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 18
Average target price 1,56  GBP
Spread / Average Target 4,8%
EPS Revisions
Managers
NameTitle
Iain C. Conn Chief Executive Officer & Director
Richard Neil Haythornthwaite Chairman
Jeff Bell Group Chief Financial Officer & Director
Mike Young Group Chief Information Officer
Mark Hanafin Group Executive Director & CEO- Centrica Business
Sector and Competitors
1st jan.Capitalization (M$)
CENTRICA8.08%10 679
ELECTRICITÉ DE FRANCE27.64%45 412
ENGIE-8.20%36 308
NATIONAL GRID PLC-6.71%35 107
SEMPRA ENERGY7.03%30 228
ORSTED20.46%26 661