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


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UK government agrees measures with energy industry to safeguard supply

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03/18/2020 | 08:45pm EDT
Members of Britain's cabinet meet at Downing Street in London

The British government has agreed emergency measures with the energy industry to ensure vulnerable households remain supplied with power during the disruption caused by the novel coronavirus, it said on Thursday.

From Thursday onwards, customers with pre-payment meters who are unable to add credit can approach their suppliers to discuss other options to maintain power. That has the potential to benefit over 4 million households.

Disconnection of credit meters will be completely suspended, while energy customers in financial distress can also ask their suppliers for debt repayments and bill payments to be reassessed, reduced or paused, the government said.

The agreement has been signed by all UK domestic energy suppliers and will come into force immediately.

Britain's biggest energy suppliers, including Centrica's British Gas, SSE, EDF's EDF Energy, Iberdrola Scottish Power, control around 70% of the retail energy market.

There are also around 50 smaller suppliers, including Bulb and Octopus Energy.

"Today those most in need can rest assured that a secure supply of energy will continue to flow into their homes during this difficult time," UK Secretary of State for Business and Energy Alok Sharma said.

On Wednesday Britain's National Grid said it had plans in place to keep the lights on throughout the coronavirus outbreak as more people than usual remain at home.

The chief executive of Energy Networks Association, David Smith, said Britain's electricity and gas network is reliable, and more than 36,000 employees are working to continue to provide a safe and reliable supply of energy.

By Nina Chestney

Stocks mentioned in the article
ChangeLast1st jan.
CENTRICA PLC -1.68% 40.42 Delayed Quote.-54.74%
ELECTRICITÉ DE FRANCE -1.44% 10.285 Real-time Quote.3.60%
IBERDROLA, S.A. -0.23% 10.68 Delayed Quote.16.34%
NATIONAL GRID PLC 0.06% 945.6 Delayed Quote.0.14%
SSE PLC 0.75% 1347 Delayed Quote.-6.43%
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Sales 2020 25 505 M 33 246 M 33 246 M
Net income 2020 -543 M -707 M -707 M
Net Debt 2020 2 502 M 3 261 M 3 261 M
P/E ratio 2020 -17,2x
Yield 2020 2,56%
Capitalization 2 359 M 3 071 M 3 075 M
EV / Sales 2020 0,19x
EV / Sales 2021 0,26x
Nbr of Employees 25 835
Free-Float 99,9%
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Mean consensus OUTPERFORM
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Average target price 53,75 GBX
Last Close Price 40,42 GBX
Spread / Highest target 97,9%
Spread / Average Target 33,0%
Spread / Lowest Target -18,4%
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Christopher O’Shea Group Chief Executive Officer & Executive Director
Jonathan Scott Wheway Chairman
Johnathan Richard Ford Chief Financial Officer & Director
Charles Cameron Director-Technology & Engineering
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