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Centrica (CNA)

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Dod101
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Re: Centrica (CNA)

#449307

Postby Dod101 » October 11th, 2021, 2:53 pm

zharrt wrote:
Dod101 wrote:I cannot understand why anyone would hold it by now and why we give it any space.

Dod


I still hold it, only reason I do is because I bought it at ~230p so the loss has already happened, if it goes bankrupt (which i doubt given its a supplier of last resort) I don't lose anymore than what I have done already, if it recovers even if it takes 20 years I might be able to get something back.


It is probably unlikely to go bust but it has been a very badly run business for whatever reason for a very long time. As has been said you still have some value in it so take it and run. Then relax and try to find something better

Dod

idpickering
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Re: Centrica (CNA)

#449730

Postby idpickering » October 13th, 2021, 7:06 am

Centrica to postpone Capital Markets Event

Centrica plc has taken the decision to postpone its Capital Markets Event, planned for 16 November 2021.

Performance since the Interim results in July has been in line with expectations and as a responsible energy supplier built on a sustainable model, the Group is well hedged for the coming winter and beyond. Centrica's balance sheet remains strong and the Group's transformation remains on track.

Chris O'Shea, Centrica Group Chief Executive:

"In this current unprecedented commodity price environment we remain focused on looking after our residential and business customers, whilst working as part of wider industry efforts in the UK to support the customers of failed suppliers and drive the regulatory reforms which are urgently required to make sure this situation never recurs. Unfortunately, that has meant taking the decision to postpone our planned Capital Markets Event in November."

Centrica is due to release its 2021 Preliminary Results on 24 February 2022.


https://www.investegate.co.uk/centrica- ... 00088642O/

idpickering
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Re: Centrica (CNA)

#475139

Postby idpickering » January 21st, 2022, 4:58 pm

British Gas launches new air source heat pump offering

British Gas has launched a new air source heat pump offering with the first customer installation taking place at a home in Devon next month. British Gas is starting installations in the South West before rolling out nationwide.

The installations will be completed by specially trained British Gas engineers and forms part of its plans to help customers lower their carbon emissions. British Gas plans to incorporate Hive heating controls into its heat pump proposition later in the year so customers can remotely manage their heating.

Centrica (under the PH Jones brand) is also installing air source heat pumps into social housing. The company is aiming to install up to 1,000 in homes this year. By 2025 the aim is to install up to 20,000 per year.

Heat pumps are a highly efficient heating system, generating more than three units of heat output for every unit of electricity they use. Heat pumps are the best immediate option for millions of off-grid homes, and homes that are well insulated and will be essential to keep the UK on track for its 2035 and 2050 carbon emissions targets.


https://www.centrica.com/media-centre/n ... -offering/

For what it's worth, my Wife and I use a heat pump with our under floor heating in our house in Orkney. The pump works very well, and helps our heating do it's job keeping the house nice and warm, despite the fickle weather we sometimes get here. The system has been in our house for about ten years now, obviously not bought from CNA at that time.

Ian.

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Re: Centrica (CNA)

#475145

Postby csearle » January 21st, 2022, 5:07 pm

idpickering wrote:For what it's worth, my Wife and I use a heat pump with our under floor heating in our house in Orkney. The pump works very well, and helps our heating do it's job keeping the house nice and warm, despite the fickle weather we sometimes get here.
Just out of interest Ian is it an air-source heat pump or a ground-source heat pump? Chris

idpickering
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Re: Centrica (CNA)

#475149

Postby idpickering » January 21st, 2022, 5:19 pm

csearle wrote:
idpickering wrote:For what it's worth, my Wife and I use a heat pump with our under floor heating in our house in Orkney. The pump works very well, and helps our heating do it's job keeping the house nice and warm, despite the fickle weather we sometimes get here.
Just out of interest Ian is it an air-source heat pump or a ground-source heat pump? Chris


It's an air source heat pump. The unit is bolted to the floor at the rear of our house. I've no complaints thus far. On 8 May 22 we will have lived in this house for four years. We have a wind turbine behind the house too, which we don't own, but benefit from as the power system for it is in our porch believe it or not! Our utility bills are a third of what we were paying in Nottinghamshire, but here we have our own private water supply and toilet waste system too. The heating is controlled via a thermostat in our living room. We've found that 22 degrees is the magic number. Our house is a flat pack, well insulated and is 16 years old.

Ian.

idpickering
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Re: Centrica (CNA)

#475764

Postby idpickering » January 24th, 2022, 2:34 pm

British Gas to supply customers of Together Energy

British Gas will step in to protect the customers of Together Energy Retail Ltd (Together Energy) and will ensure that they continue to receive an uninterrupted supply of gas and electricity after the supplier ceased trading last week. Together Energy, which includes its subsidiary Bristol Energy, supplies around 176,000 domestic customers.

This switchover is part of Ofgem's Supplier of Last Resort (SOLR) process. In line with the regulatory framework, it has been agreed with Ofgem that relevant costs, including the costs of buying energy incurred by British Gas that it is not able to recover as a result of taking on the customers, will be recoverable through the established industry levy in a timely manner. British Gas will do everything it can to minimise those costs.

In the coming days, we will be in touch with Together Energy customers about the process of moving over. We understand how unsettling a time this may be, but want to reassure our new customers that there is no need to contact us just yet as we are working through getting customer accounts set up. We'll be in touch as soon as we can to give our new customers more information on the next steps but in the meantime ask that they refer to our dedicated website .


https://www.investegate.co.uk/centrica- ... 09224201Z/

idpickering
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Re: Centrica (CNA)

#499572

Postby idpickering » May 10th, 2022, 8:14 am

Trading Update.

Centrica plc (the "Company") has delivered strong operational performance in the first four months of 2022 and currently expects full year adjusted earnings per share to be around the top of the range of more recent analyst expectations1.

In British Gas Services & Solutions we have seen some supply chain disruption and higher inflation impacting both the cost base and customer demand. We expect those headwinds to continue to, at least partially, offset underlying operational progress for the duration of this period of higher inflation. However, volumes from our nuclear and gas production assets in the UK have been strong and our Energy Marketing & Trading business has both secured increased volumes of gas and renewable energy to improve the UK and Europe's security of supply and managed increased commodity price volatility well, supporting performance in British Gas Energy.

Significant uncertainties remain over the balance of the year, including the impacts of weather, commodity prices movements, asset performance and the potential for increased bad debt charges given the current inflationary pressures in the UK.

We are investing over £50m in supporting our customers with 500 additional UK based customer service roles in British Gas Energy, 1,000 new UK engineering apprenticeships, and the British Gas Energy Support Fund which provides grants of up to £750 to help customers pay their energy bills.

The disposal of Spirit Energy Norway is on track to complete in the second quarter of 2022 subject to Norwegian regulatory approvals. We have now started to evaluate longer term options for repurposing Spirit Energy's retained UK assets to aid the energy transition and also continue to progress options to convert our Rough and Easington facilities to enable the UK's hydrogen targets.

The Company's 2022 Interim Results are scheduled for 28 July 2022, at which time the Company also intends to provide an update on its business priorities and financial framework.


https://www.investegate.co.uk/centrica- ... 00048603K/

idpickering
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Re: Centrica (CNA)

#503692

Postby idpickering » May 30th, 2022, 7:21 am

Completion of sale of Spirit Energy Norway Assets.

Centrica plc announces that all conditions for the sale of Spirit Energy's Norwegian assets to Sval Energi AS and Spirit Energy's interests in the Statfjord field to subsidiaries of Equinor ASA for an initial headline consideration of $1.1 billion have now been satisfied, and completion of the transaction is expected to occur on 31 May 2022.

As part of the transaction, originally announced on 8 December 2021, all decommissioning liabilities associated with the assets (approximately £800m) will also transfer to the buyers. The final headline consideration may rise to $1.2 billion dependent on commodity prices.

Spirit Energy will now focus on maximising delivery of its gas production for the UK, repurposing assets for the energy transition and decommissioning activities.

Centrica's 2022 Interim Results are scheduled for release on 28 July 2022.


https://www.investegate.co.uk/centrica- ... 00081622N/

Ian.

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Re: Centrica (CNA)

#505487

Postby idpickering » June 7th, 2022, 7:14 am

Trading Update.

Centrica Annual General Meeting

Centrica plc (the "Company") will hold its Annual General Meeting today at 10.00am at Leicester Marriott Hotel, Smith Way, Grove Park, Enderby, Leicester, LE19 1SW.

The Company's performance and outlook remain unchanged since the Trading Update issued on 10 May 2022.


https://www.investegate.co.uk/centrica- ... 00089119N/

Ian.

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Re: Centrica (CNA)

#517895

Postby 88V8 » July 28th, 2022, 12:36 pm

Snorvey wrote:Centrica Plc resumed dividend payments for the first time since the start of the pandemic as profits from selling oil and natural gas rose six-fold.

https://www.bloomberg.com/news/articles ... premium-uk

The dividend will be restarted at 1p per share and the company expects to pay roughly one-third of the full year amount as an interim, according to a statement.
So a 3p full year divi on an SP of c88p puts them on a 3.4% yield, and they say they are looking to 2x cover.
Better than nothing.

V8

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Re: Centrica (CNA)

#517937

Postby idpickering » July 28th, 2022, 3:12 pm

Further to the posts above re the dividend, CNA put their half-year report out this morning;

STRONG H1 OPERATIONAL PERFORMANCE AND POSITIVE OUTLOOK

· Adjusted basic EPS of 11.0p (2021: 1.7p); 10.2p excluding Spirit Energy disposed assets.

· Strong Upstream volumes against a backdrop of higher commodity prices.

· Increased commodity volatility handled well in Energy Marketing & Trading.

· Statutory basic EPS loss of 14.7p (2021: profit of 23.2p) includes a £1.9bn loss on net remeasurements after taxation, reflecting the high commodity price environment.

· Group total free cash flow from continuing operations of £643m (2021: £524m). Statutory net cash flow from operating activities of £165m (2021: £558m) including margin cash outflow of £519m.

· 2022 full year outlook remains positive.

And later re the dividend;

Progressive dividend policy

· We are reinstating an ordinary dividend and are declaring a 2022 interim dividend of 1.0p per share. We intend to retain our historic policy of paying roughly a third of the full year dividend as an interim. We expect the dividend to be progressive and dividend cover from earnings to move to around 2x over time, recognising the ratio is likely to vary each year dependent on the business cycle.


https://www.investegate.co.uk/centrica- ... 00160066U/

Ian.

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Re: Centrica (CNA)

#517951

Postby Alaric » July 28th, 2022, 4:01 pm

88V8 wrote:So a 3p full year divi on an SP of c88p puts them on a 3.4% yield, and they say they are looking to 2x cover.
Better than nothing.


The CEO is thinking of pensioners.

https://www.dailymail.co.uk/news/articl ... LLION.html

Centrica chief executive Chris O'Shea defended the firm, insisting that the profit jump was not driven by the consumer business.

The businessman - who has previously enjoyed an annual salary of up to £5.7m but announced in February this had reduced to £775,000 after he waived his bonus - added that it was necessary to restart the dividend to support pensioners whose income relies on dividends.


He also says that the profits came from the supply of oil and gas, not from consumers. So who does he think buys energy sourced from Centrica even if British Gas is not the retail outlet?

idpickering
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Re: Centrica (CNA)

#541935

Postby idpickering » October 28th, 2022, 7:15 am

Centrica re-opens Rough storage facility.

Rough operational for Winter and increases UK's storage capacity by 50%

Centrica has announced the reopening of the Rough gas storage facility, having completed significant engineering upgrades over the summer and commissioning over early autumn.

The initial investment programme means the company has made its first injection of gas into the site in over 5 years and is in a position to store up to 30 billion cubic feet (bcf) of gas for UK homes and businesses over winter 2022/23, boosting the UK's energy resilience.

The work done so far means that Rough is operating at around 20% of its previous capacity this winter, immediately making it the UK's largest gas storage site once again and adding 50% to the UK's gas storage volume. Rough will help to balance the UK's gas market, injecting gas into the facility when prices are low and putting that gas back into the UK's gas network when demand is higher.

Centrica's long-term aim is to turn the Rough gas field into the largest long duration energy storage facility in Europe, capable of storing both natural gas and hydrogen.

The UK has diverse gas supplies with connections with Norway and other European countries and a number of LNG import terminals. However, it still has some of the lowest levels of gas storage in Europe at 9 days, compared to Germany at 89 days, France at 103 days and the Netherlands at 123 days. The flexibility in Rough allows cheaper gas to be stored ready for winter, helping to reduce or stabilise costs for UK energy consumers.

Centrica Group Chief Executive, Chris O'Shea, said "I'm delighted that we have managed to return Rough to storage operations for this winter following a substantial investment in engineering modifications. Our long-term aim remains to turn the Rough field into the world's biggest methane and hydrogen storage facility, bolstering the UK's energy security, delivering a net zero electricity system by 2035, decarbonising the UK's industrial clusters, such as the Humber region by 2040, and helping the UK economy by returning to being a net exporter of energy.

In the short term we think Rough can help our energy system by storing natural gas when there is a surplus and producing this gas when the country needs it during cold snaps and peak demand. Rough is not a silver bullet for energy security, but it is a key part of a range of steps which can be taken to help the UK this winter."


https://www.investegate.co.uk/centrica- ... 00054073E/

This is very topical/timely in the current climate methinks.

Ian.

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Re: Centrica (CNA)

#541957

Postby daveh » October 28th, 2022, 9:29 am

That's good, but how big a window have they got to get it filled before winter and can they get it filled in time?

The fact that even at 20% capacity it increases Uk gas storage by 50% shows what a poor move it was to let it close in 2017.

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Re: Centrica (CNA)

#541972

Postby monabri » October 28th, 2022, 10:02 am

The comparative levels of storage capacity are worrying, especially when the proportion of the UK's energy requirements are met by gas (~43% in 2021).

https://en.m.wikipedia.org/wiki/Energy_ ... ed_Kingdom

Edit.....I'm off topic !

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Re: Centrica (CNA)

#545334

Postby idpickering » November 10th, 2022, 7:48 am

Trading update and share repurchase programme.

Centrica plc (the "Company") has continued to deliver strong operational performance from its balanced portfolio since its Interim Results in July and now expects full year adjusted earnings per share to be towards the top end of the range of more recent sell side analyst expectations1. The Company maintains a strong balance sheet, with overall levels of liquidity having increased since the half year.

Volumes from our electricity generation and gas production activities have remained strong, while in October we announced the reopening of the Rough gas storage facility, all of which contributes to strengthening the UK and Ireland's security of supply. In addition, in Energy Marketing & Trading our optimisation and route to market activities continue to perform very well, playing a critical role in storing, transporting and balancing energy supply across Europe.

Broader inflationary and economic pressures have impacted both our cost base and customer numbers in British Gas Services & Solutions, while warmer than normal weather in October has contributed towards lower volumes and profits in British Gas Energy. As a result, we expect adjusted operating profit in our Retail division to be lower than current expectations.

With over 10 million customers, we are acutely aware of the difficult environment facing many people and we remain committed to doing what we can to support those who need our help most. Today, Centrica is announcing an additional £25m of help for our customers, taking the amount we have invested in voluntary customer support this year to £50m.

We said at the time of our Interim Results that we would continue to make efficient use of capital, including the potential return of any surplus structural capital to shareholders. Reflecting the Company's recent performance and outlook, together with the work undertaken in recent years to strengthen the balance sheet and ensure appropriate liquidity, the Company is announcing today it plans to commence a share repurchase programme of up to 5% of its issued share capital.

There are significant uncertainties that remain over the remaining two months of the year, including the impacts of weather, commodity price movements, asset performance and the potential consequences of a weak economy and high inflation on commercial performance in British Gas Services & Solutions and bad debt in our energy supply activities.

The Company plans to host a virtual teach-in for institutional investors and analysts on our Energy Marketing & Trading business on the morning of 1 December 2022 and the 2022 Preliminary Results are scheduled for 16 February 2023.

The person responsible for arranging the release of this announcement on behalf of the Company is Raj Roy, the Company Secretary.


https://www.investegate.co.uk/centrica- ... 00109101F/

Ian.

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Re: Centrica (CNA)

#546620

Postby idpickering » November 15th, 2022, 7:17 am

Commencement of Share Buy-Back Programme.

Centrica plc (the "Company") announced in a Trading Update on 10 November 2022 a plan to commence a share repurchase programme of up to 5% of its issued share capital (the "Programme").

The Company today announces the commencement of this Programme which is to be conducted over the next 6.5 months to buy back shares of 614/81pence each (the "Shares") up to an aggregate price of up to £250,000,000 (exclusive of associated fees, expenses and stamp duty), representing an amount equal to the aggregate value of approximately 5% of the Company's issued share capital at today's share price.

The Company has entered into separate non-discretionary agreements with UBS AG London Branch, ("UBS") and Goldman Sachs International ("Goldman") (both acting as principal) to conduct the buy-back Programme on its behalf and to make trading decisions under the Programme independently of the Company.


https://www.investegate.co.uk/centrica- ... 00043743G/

Ian.

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Re: Centrica (CNA)

#551343

Postby idpickering » December 1st, 2022, 8:36 am

Energy Marketing & Trading virtual teach-in.

Centrica plc will be hosting a virtual teach-in for institutional investors and analysts on its Energy Marketing & Trading business, focused on its Route-to-Market activities, at 9am (GMT) today.

A copy of the presentation will be available at http://www.centrica.com/investors from 8:30am (GMT).


https://www.investegate.co.uk/centrica- ... 00021757I/

Ian.

idpickering
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Re: Centrica (CNA)

#560888

Postby idpickering » January 12th, 2023, 7:20 am

Trading Update.

Centrica plc (the "Company") has continued to deliver strong operational performance from its balanced portfolio since its Trading Update on 10 November 2022. Infrastructure asset availability and volumes have remained good, and we delivered incrementally strong optimisation performance.

As a result, we currently expect to report 2022 full year adjusted earnings per share of above 30p. Cash generation has also been good, and we expect 2022 closing net cash to be above £1 billion.

All 2022 reported financial figures remain subject to audit and the Company is due to release its 2022 Preliminary Results on 16 February 2023.

The person responsible for arranging the release of this announcement on behalf of the Company is Raj Roy, the Company Secretary.


https://www.investegate.co.uk/centrica- ... 00034616M/

Ian, who has no holding in CNA.

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Re: Centrica (CNA)

#561271

Postby Bouleversee » January 13th, 2023, 11:45 am

Good to see my losses on CNA diminishing. Hope we get some good dividends without wails of complaint. My energy bill for Dec. was over £650 despite economising as much as possible.


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