Company Reports

Centrica's half-year EPS fell 3% year on year to GBX 6.80. The group said that 2026 earnings will be first-half-weighted and that Centrica Energy's profitability will remain soft in 2027. This caused market jitters, sending shares down by 10% at the time of writing.

Centrica is the leading retail energy supplier in the UK, operating under the British Gas brand. It also has upstream and midstream operations, including oil and gas production in the North Sea and a 20% stake in EDF’s UK nuclear plants. Thanks to its upstream operations, Centrica was historically positively exposed to soaring commodity prices. Accordingly, the latter's decline drove a 90% collapse in adjusted EPS between 2013 and 2020, leading to the cancelation of the dividend in 2020. Conversely, the rebound of commodity prices, driven by the energy crisis, boosted profits in 2022 and 2023.

Centrica has acquired the Severn 850 MW CCGT for GBP 370 million or GBP 0.44 million/MW. The retail's 2026 EBITDA is expected toward the lower end of the range, while the infrastructure's EBITDA will be above the guidance range. Shares are down by 6% at the time of writing May 7.

Centrica is the leading retail energy supplier in the UK, operating under the British Gas brand. It also has upstream and midstream operations, including oil and gas production in the North Sea and a 20% stake in EDF’s UK nuclear plants. Thanks to its upstream operations, Centrica was historically positively exposed to soaring commodity prices. Accordingly, the latter's decline drove a 90% collapse in adjusted EPS between 2013 and 2020, leading to the cancellation of the dividend in 2020. Conversely, the rebound of commodity prices, driven by the energy crisis, boosted profits in 2022 and 2023.

Centrica is the leading retail energy supplier in the UK, operating under the British Gas brand. It also has upstream and midstream operations, including oil and gas production in the North Sea and a 20% stake in EDF’s UK nuclear plants. Thanks to its upstream operations, Centrica was historically positively exposed to soaring commodity prices. Accordingly, the latter's decline drove a 90% collapse in adjusted EPS between 2013 and 2020, leading to the cancellation of the dividend in 2020. Conversely, the rebound of commodity prices, driven by the energy crisis, boosted profits in 2022 and 2023.

The UK government announced on April 21 that it will increase the electricity levy by 10% to 55% to push renewables power producers exposed to wholesale power prices to switch to contract-for-difference as of next year. SSE, Centrica, Orsted, and RWE are trading 2%-4% higher at the time of writing.

On April 16, the UK government announced that the carbon price support paid by power producers will be removed from April 2028. UK Chancellor of the Exchequer Rachel Reeves also signaled plans to reduce the link between electricity and gas prices. Centrica and SSE are down 6% at the time of writing.

Centrica's 2025 EPS tumbled by 41% to GBX 11, in line with FactSet consensus. After completing GBP 2 billion of share buybacks, Centrica will pause the program. This, combined with the soft guidance for 2026 because of the trading business, sent shares 5% lower at the time of writing Feb. 19.

Centrica is the leading retail energy supplier in the UK operating under the brand British Gas. It also has upstream and midstream operations including oil and gas production in the North Sea and a 20% stake in EDF’s UK nuclear plants. Thanks to its upstream operations, Centrica was historically positively exposed to soaring commodity prices. Accordingly, the fall of the latter drove a 90% collapse in adjusted EPS between 2013 and 2020, leading to the cancelation of the dividend in 2020. Conversely, the rebound of commodity prices, driven by the energy crisis, boosted profits in 2022 and 2023.

The European utilities sector increased by nearly 8% since the end of September, outperforming the market by 5% due to stabilizing interest rates, solid third-quarter results, and hopes that artificial intelligence growth will boost electricity consumption in Europe.

European electricity prices for households and industry are well above those in China, the US, and pre-energy-crisis levels. The gap is set to endure, as network costs and levies continue to increase.

European utilities shares decreased by 3% since the end of June, underperforming the market by about 6%.

Centrica's underlying EPS nearly halved to GBX 7 in the first-half. The firm maintained its full-year outlook given last May.

Centrica agreed to take a 15% share in the 3.2-gigawatt Sizewell C nuclear project, whose construction costs are estimated at GBP 38 billion.

Centrica is the leading retail energy supplier in the UK operating under the brand British Gas. It also has upstream and midstream operations including oil and gas production in the North Sea and a 20% stake in EDF’s UK nuclear plants. Thanks to its upstream operations, Centrica was historically positively exposed to soaring commodity prices. Accordingly, the fall of the latter drove a 90% collapse in adjusted EPS between 2013 and 2020, leading to the cancelation of the dividend in 2020. Conversely, the rebound of commodity prices, driven by the energy crisis, boosted profits in 2022 and 2023.

European utilities rose by 12% in the second quarter, outperforming the market by 10%.

Centrica is the leading retail energy supplier in the UK operating under the brand British Gas. It also has upstream and midstream operations including oil and gas production in the North Sea and a 20% stake in EDF’s UK nuclear plants. Thanks to its upstream operations, Centrica was historically positively exposed to soaring commodity prices. Accordingly, the fall of the latter drove a 90% collapse in adjusted EPS between 2013 and 2020, leading to the cancelation of the dividend in 2020. Conversely, the rebound of commodity prices, driven by the energy crisis, boosted profits in 2022 and 2023.

Centrica released a trading statement in which it lowered its 2025 guidance for the storage and trading divisions. Shares are down by a mid-single-digit rate at the time of writing.

European utilities increased by about 10% in the first quarter of 2025 thanks to good full-year results, attractive shareholder remuneration, and limited exposure to US tariffs. The latter was key in the material outperformance of the sector.

Centrica is the leading retail energy supplier in the UK operating under the brand British Gas. It also has upstream and midstream operations including oil and gas production in the North Sea and a 20% stake in EDF’s UK nuclear plants. Thanks to its upstream operations, Centrica was historically positively exposed to soaring commodity prices. Accordingly, the fall of the latter drove a 90% collapse in adjusted EPS between 2013 and 2020, leading to the cancelation of the dividend in 2020. Conversely, the rebound of commodity prices, driven by the energy crisis, boosted profits in 2022 and 2023.