Centrica to spend less than expected this year after upstream cost cuts

10 Dec, 2015 10:19 am

LONDON – Britain’s largest energy supplier Centrica expects to spend less this year than the 1.05 billion pounds it had previously expected, mainly due to a cut in upstream investments, the company said on Thursday.

Centrica, which owns Britain’s main household energy supplier British Gas, said its full-year earnings outlook was in line with expectations, despite a second reduction in retail energy prices this year and implementation issues in its business retail segment, the company said.

It also said its customer account numbers were largely unchanged since the middle of the year.

Centrica cut its dividend in February and dampened expectations for higher profits this year on the back of tumbling power and gas prices and weak demand. -Reuters

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