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

CENTRICA PLC

(CNA)
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UK energy regulator to make suppliers pay for switching woes

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02/12/2020 | 02:32am EDT
FILE PHOTO: The sun rises behind electricity pylons near Chester

British energy companies will from May 1 be forced to pay automatic compensation to customers facing problems when switching supplier, regulator Ofgem said on Wednesday.

Britain has a cap on the most widely used energy bills but Ofgem wants to encourage people to look at switching supplier to see if even more money can be saved.

"We are introducing these new standards to give customers further peace of mind, and to challenge suppliers to get it right first time," said Mary Starks, executive director for Consumers and Markets at Ofgem.

Customers will receive 30 pounds ($39) for issues such as being switched by mistake, if the switch takes longer than 15 working days or if their final bill doesn't arrive within six weeks.

Switching to smaller independent suppliers has cut the market share of Britain's big six energy suppliers to around 70% from near total market dominance 10 years ago.

Britain's big suppliers are Centrica's British Gas, new entrant Ovo Energy that took over SSE's retail arm, Iberdrola Scottish Power, Innogy's npower, E.ON and EDF Energy.

(Reporting By Susanna Twidale; Editing by Kirsten Donovan)

Stocks mentioned in the article
ChangeLast1st jan.
CENTRICA PLC -6.13% 31.84 Delayed Quote.-64.34%
E.ON SE -2.53% 8.714 Delayed Quote.-8.50%
ELECTRICITÉ DE FRANCE 2.09% 7.242 Real-time Quote.-27.05%
ENGIE -2.20% 8.698 Real-time Quote.-39.60%
IBERDROLA 0.00%End-of-day quote.0.00%
SSE PLC -6.29% 1073 Delayed Quote.-24.47%
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Financials (GBP)
Sales 2019 28 999 M
EBIT 2019 977 M
Net income 2019 281 M
Debt 2019 3 540 M
Yield 2019 14,7%
P/E ratio 2019 6,64x
P/E ratio 2020 5,09x
EV / Sales2019 0,19x
EV / Sales2020 0,21x
Capitalization 1 973 M
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Technical analysis trends CENTRICA PLC
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 75,71  GBp
Last Close Price 33,92  GBp
Spread / Highest target 210%
Spread / Average Target 123%
Spread / Lowest Target 17,9%
EPS Revisions
Managers
NameTitle
Christopher O'Shea Group CEO, CFO & Executive Director
Jonathan Scott Wheway Chairman
Charles Cameron Director-Technology & Engineering
Mike Young Group Chief Information Officer
Carlos Pascual Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
CENTRICA PLC-64.34%2 757
NATIONAL GRID PLC-10.85%41 346
ORSTED A/S-6.39%41 269
SEMPRA ENERGY-31.16%33 037
E.ON SE-8.50%27 051
ENGIE-39.60%24 959