Monday, 14 May 2018

Cold weather boosts British Gas owner Centrica as it battles to hang on to customers.

Centrica said it was boosted
by the recent cold weather - REUTERS
The embattled owner of British Gas said February's extreme cold weather and a slowdown in customers fleeing for other providers buoyed its financial performance in the year-to-date, but it warned that more political tinkering in the energy market could harm its future prospects.

Centrica, Britain’s largest energy supplier, revealed it had lost 110,000 UK domestic customers since the start of the year amid “high levels of competitive intensity”. But it said that losses had “slowed materially relative to the average of 2017”.

The company said it remains on target to slash costs by £200m this year, partly by cutting 1,000 jobs, in a £1.25bn efficiency drive aimed at reviving its prospects in the face of tough competition.

By Jack Torrance.

Full story at Yahoo News.

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