Centrica annual earnings jump five per cent February 27, 2013 ENERGY giant Centrica this morning posted a five per cent jump in adjusted earnings, boosted by the colder weather. Centrica, which owns British Gas, reported adjusted earnings of £1.4bn, in line with expectations. Operating profit for the FTSE energy giant came in at £2.74bn, up 14 per cent from the previous year. British Gas, which [...]
Erratic and arbitrary UK renewable subsidies are likely to end in failure December 4, 2013 WITH Centrica threatening to pull the plug on a £2bn offshore wind farm if the government did not increase already exorbitant subsidies, ministers agreed to do just that. Yesterday, they announced they would slow the planned reduction in the guaranteed strike price for offshore wind by adding £5 to the subsidy – to £140 per [...]
Bottom Line: Challenges await Sir Roger Carr as he prepares to take the helm October 10, 2013 OUT of the frying pan and into the fire. Sir Roger Carr may manage to side-step the ongoing row over energy prices when he leaves the chairmanship of British Gas-owner Centrica next year, but it looks like he will still have plenty on his plate as he heads straight to BAE Systems. Exactly a year [...]
Coalition hopes to fire up its nuclear power plan October 13, 2013 THE COALITION hopes to get its nuclear power ambitions back on track this week by signing deals allowing work to go ahead at the new Hinkley Point reactor. Energy secretary Ed Davey said yesterday the government is “extremely close for a deal with EDF”, after months of wrangling with the French firm over the subsidies [...]
Npower announces 11.1 per cent gas bill increase October 21, 2013 Electricity supplier Npower has announced that it will raise gas prices by 11.1 per cent. Dual fuel bills will increase by 10.4 per cent. Electricty prices will rise by 9.3 per cent (release). Those increases will take effect on 1 December, and will see the typical dual fuel bill rise to £1,459. Last year Npower [...]
London Report: Bullish stance on China lifts mining stocks September 26, 2013 BRITAIN’S top share index edged higher yesterday, with a rise in metals prices on improving seasonal demand from China, the world’s biggest consumer of industrial metals, helping mining stocks. The UK mining index rose 0.6 per cent, the best sectoral performer, after copper and zinc rose more than one per cent on signs of stronger [...]
Q and A: China’s nuclear fusion with Britain October 20, 2013 Q Why is a French firm teaming up with China to build power plants in Britain? A EDF has wanted to build a third nuclear station at Hinkley Point for years, but has been searching for a new investor after UK-listed Centrica quit in February. China has enough cash to get involved in pretty much [...]
London Report: Carney likely to bear good news about inflation November 10, 2013 GOVERNOR of the Bank of England Mark Carney is likely to be the bearer of good news when he presents his inflation report on Wednesday, with the growth rate heading up and the unemployment rate coming down. Carney pledged in August not to raise rates until unemployment fell to at least seven per cent, a [...]
Toshiba boss is keen on British nuclear project October 3, 2013 TOSHIBA is keen to take a majority stake in UK nuclear consortium NuGen, its chief executive said yesterday, as firms and ministers try to get Britain’s atomic power plan moving. Hisao Tanaka told Reuters yesterday that Toshiba, which owns Westinghouse, will decide this year whether to bid for Iberdrola’s 50 per cent stake in NuGen, [...]
What the other papers say this morning – 13 December 2013 December 12, 2013 FINANCIAL TIMES Bitcoin start-up fundraises $25m A Silicon Valley company that allows speculators and merchants to trade Bitcoin has raised $25m (£15.3m) in venture capital funding in the largest investment so far in a virtual currency business. As a result of the deal, San Francisco-based Coinbase will have two of the most prominent venture capitalists [...]