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    CNA   GB00B033F229

CENTRICA PLC

(CNA)
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Centrica : British Gas paid 1.73 million pounds for mishandled payment changes

08/27/2020 | 01:12am EDT
A British Gas sign is seen outside its offices in Staines in southern England

Britain's energy market regulator Ofgem said Centrica-owned British Gas has made total payments of 1.73 million pounds ($2.28 million) because it mishandled a change in a top-up provider for prepayment meters.

British Gas has paid 1.48 million pounds to impacted customers and will pay an additional 250,000 pounds into an energy redress fund, which supports consumers in vulnerable situations.

Following these measures, Ofgem has decided not to take formal enforcement action.

With a prepayment meter, customers pay in advance for their energy supply by topping up their credit on a card or key at certain shops.

British Gas failed to notify around 270,000 pre-payment customers about a change of top-up provider, from Paypoint to Payzone, which happened on Jan. 1 this year, Ofgem said.

Some customers might have wasted journeys to top up their meters at shops that no longer offered the service and in some cases did not have power supply, Ofgem said.

British Gas sent communications to these customers about the change in provider in late January.

Although British Gas informed most of its customers of the change in top-up provider in Dec. 2019, there was insufficient time for customers to switch energy supplier if they did not like the change.

The communication also did not include telephone contact details, but instead contained links to the internet, which meant those without internet access could have struggled to contact the company.

Britiah Gas also did not operate its general enquiries call line on Jan. 1 when the change took effect, Ofgem said.

(Reporting by Nina Chestney and Pushkala Aripaka in Bengaluru; editing by Barbara Lewis)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CENTRICA PLC 0.67% 51.46 Delayed Quote.9.70%
PAYPOINT PLC -1.16% 594 Delayed Quote.-8.10%
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Financials
Sales 2021 14 538 M 20 252 M 20 252 M
Net income 2021 200 M 279 M 279 M
Net Debt 2021 1 551 M 2 160 M 2 160 M
P/E ratio 2021 14,9x
Yield 2021 3,15%
Capitalization 2 995 M 4 169 M 4 172 M
EV / Sales 2021 0,31x
EV / Sales 2022 0,29x
Nbr of Employees 23 200
Free-Float 99,9%
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 62,88 GBX
Last Close Price 51,12 GBX
Spread / Highest target 56,5%
Spread / Average Target 23,0%
Spread / Lowest Target -10,0%
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Managers and Directors
NameTitle
Christopher O’Shea Group Chief Executive Officer & Executive Director
Katherine Beresford Ringrose Group Chief Financial Officer & Executive Director
Jonathan Scott Wheway Chairman
Chetan Ghosh Chief Investment Officer
Stephen Alan Michael Hester Senior Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
CENTRICA PLC9.70%4 106
NATIONAL GRID PLC6.92%45 373
ELECTRICITÉ DE FRANCE-9.81%43 528
SEMPRA ENERGY8.13%41 711
ENGIE-4.95%34 096
E.ON SE10.22%30 880