Centrica buys US gas supplier for £480m July 30, 2013 ‘BIG SIX’ energy company Centrica today said that it has agreed to buy a US business-to-business gas supplier for $731m (£478m), as it looks to expand its operations in North America. The FTSE 100-listed firm said its North American subsidiary, Direct Energy Business, would acquire the New Jersey-based energy marketing business of Hess Corporation for [...]
The government’s green policy will wreak havoc – and not just for Drax April 23, 2014 If the government wants to display a credible case for investment in renewables, then today was a definite step in the wrong direction. The Department of Energy and Climate Change has unveiled a list of eight renewable projects that will be eligible for contracts for difference, its new support framework for green energy generation. Coal-fired [...]
Centrica expands East Coast ambitions with $731m acquisition July 30, 2013 Leading energy company Centrica has announced its ambition to become the leading B2B gas supplier in the Eastern US after agreeing to acquire the New Jersey-based energy marketing business of Hess Corporation through its North American subsidiary Direct Energy for $731m (£478m). Hess’s energy marketing business operates in 18 states across the east of the [...]
Ofgem confirms companies are avoiding UK energy market due to political concerns March 27, 2014 A number of companies have chosen not to enter the UK retail energy market due to the current political environment, Ofgem confirmed today. As part of its long-awaited assessment of energy market competition, the regulator spoke to various firms who had chosen not to tap into the sector. “A consistent reason for not entering was [...]
Best of the Brokers for 19 February 2014 February 18, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com CENTRICA UBS has cut the owner of British Gas to a “sell” and slashed its target from 340p to 280p in the wake of recent political attacks on the energy sector. UBS believes the threat of imposed profit restrictions are likely to discourage [...]
London Report: Inflation data to show economy improving in UK February 16, 2014 INFLATION figures due out tomorrow are expected to show further signs of improvement for the UK’s economic recovery. With the cost of living down, consumer prices inflation (CPI) may now be below two per cent. Jonathan Loynes, of Capital Economics said: “CPI inflation looks set to fall below the two per cent target in January [...]
Npower agrees to refund credit February 19, 2014 NPOWER yesterday bowed to government pressure and joined some of its big six peers in agreeing to give automatic refunds to direct debit customers whose accounts are in credit. The energy company said it would move to automatic refunding of credit balances over £5 on direct debit accounts at customers’ annual reviews. “We are happy [...]
The nominations roll in as we launch our awards June 29, 2014 It’s that time of year again – City A.M. is today launching its fifth annual awards, one of the most hotly anticipated occasions in the City calendar. The event, which celebrates those who have helped put the City of London at the centre of the world’s financial markets, will take place on 13 November at [...]
Power firms agree to automatic refunds for customers in credit February 17, 2014 MAJOR energy companies have agreed to give automatic refunds to direct debit customers whose accounts are in credit, after pressure from the government to return the outstanding money. EDF and FTSE 100-quoted Centrica, which owns British Gas, have both confirmed that they will automatically issue refunds for customers in credit. SSE said it would automatically [...]
Who’s afraid of a little energy market competition? March 24, 2014 The debate around competition in the energy market is hotting up. The regulators are due to give their assessment of the market later this week, along with a possible recommendation to refer the investigation to the Capital Markets Authority (CMA). Consumer group Which? and the Federation of Small Businesses have written a joint letter [...]