Tue, Jul. 21, 1:50 PM
- Shares fell 1.3% in London today after an unplanned outage cut its North Morecambe gas sub-terminal output to zero on Tuesday, due to an "offshore issue."
- Flows from the Barrow terminal, which includes the North Morecambe sub-terminal, were 1m cubic meters/day vs. 5.2 mcm yesterday.
- Separately, BofA-Merrill Lynch warned today investors will likely be disappointed by Centrica's July 30 strategy presentation.
- "We think the message will reflect the portfolio's limited options, a defensive posture in difficult markets, and the promise of continuous improvement rather than radical change."
- Firm believes shares are priced for a positive surprise, notes targets have been missed in every division in recent years, and says new technology, such as the Hive digital thermostat, may not be a profit driver.
- Downgrades to Underperform from Neutral.
Sep. 4, 2014, 8:28 AM
- U.K. utility Centrica (OTC:CPYYF, OTCPK:CPYYY) issues a second profit warning in less than a month as the unexpectedly long shutdown of two U.K. nuclear power plants reduces its electricity output.
- The revised outlook came after EDF Energy, the U.K. subsidiary of French utility Electricite de France, said it would would return the plants to operation late in the year; EDF was forced to halt the reactors three weeks ago after finding a crack on a component of one of the boilers.
- Centrica, which has a 20% stake in EDF’s existing nuclear operation, cut its profit forecast to 0.6-0.9 pence/share following a 0.3 pence reduction announced in August.
Apr. 11, 2014, 4:46 PM
- Centrica (CPYYF, CPYYY) CEO Sam Laidlaw reportedly is set to quit by the end of the year, and the British Gas parent already has appointed recruitment consultants to begin the search for a replacement.
- British Gas boss Phil Bentley and chairman Sir Roger Carr both left the company last year, and investors have expressed alarm at the exodus of senior management at a time of unprecedented pressure on the company.
Mar. 25, 2014, 7:43 AM
- A consortium involving Centrica (CPYYF) has agreed to pay €1.1B ($1.52B) to acquire the retail operations and other assets of Ireland's state-owned Bord Gais Eireann.
- Centrica will buy Bord Gais Energy, Ireland's largest electricity and gas provider, and a 445-megawatt gas-fired power plant.
- Centrica partners CON Infrastructure and Brookfield Renewable Energy will purchase Bord Gais' distribution and renewable power-generation assets respectively. (PR)
Feb. 10, 2014, 8:19 AM
- Centrica (CPYYF, CPYYY) -3% in London trading after U.K. energy minister Ed Davey singles out the British Gas owner in the government's announcement that it is reviewing how the country's biggest utilities supply natural gas to households, threatening to break up any company it determines is wielding monopolistic powers.
- British Gas has the largest share of the U.K. domestic supply market and, according to Davey, has charged households among the highest prices during the past three years while being on average the most profitable energy provider.
- SSE (SSEZY, SSEZF), another of the "big six" utilities which dominate the British market, are down more than 1%.
Nov. 29, 2013, 1:35 PM
- The U.K. government has asked the country's six biggest energy suppliers to freeze prices for gas and electricity, barring any major increase in wholesale fuel costs, until the 2015 election, BBC reports.
- The government seeks the commitment as part of a wider deal with firms that could cut annual bills by ~£50, and it wants to avoid another round of price rises that could be blamed on government green levies.
- Britain's "big six" energy companies, British Gas owner Centrica (CPYYF, CPYYY), SSE (SSEZF, SSEZY), RWE's npower (RWEOY), Iberdrola's Scottish Power (IBDRY, IBDSF), EDF Energy and Eon (EONGY), supply ~98% of the country's homes.
Nov. 15, 2013, 8:28 AM
- Statoil (STO) decides to extend the lifetime of its oldest oil platform, Statfjord A, in the North Sea until 2020.
- To keep the oil and gas flowing the partners in the license, which includes ExxonMobil (XOM) and Centrica (CPYYF, CPYYY), plan to drill 10 new wells in the field in 2014.
- The field has produced more than 4.7B boe since production started in 1979; YTD 2013 production is 80K boe/day.
Nov. 6, 2013, 8:32 AM
- British Gas parent Centrica (CPYYF; CPYYY) enters into a £4.4B ($7.04B) contract with Qatar for the purchase of up to 3M metric tons/year of liquefied natural gas for the U.K. up to 2018.
- The contract builds on an existing agreement signed in Feb. 2011, and could provide gas to meet 13% of U.K. annual residential gas demand, enough to meet the needs of ~3M households.
Oct. 22, 2013, 7:20 AM
- France's GDF Suez (GDFZY, GDSZF) teams with Australia's Dart Energy (DEGEF) to develop 13 licenses for shale gas exploration in the U.K.'s Bowland Basin, an area which already has attracted investment from British Gas parent Centrica (CPYYF, CPYYY).
- GDF will acquire a 25% working interest in the blocks, with Dart retaining operatorship and a 75% stake.
- A three-year exploration and appraisal program is expected to include the drilling of up to four shale gas exploration wells in different areas of Bowland, plus 10 coalbed methane exploration wells.
- The deal provides a boost to Britain's bid to exploit shale gas deposits after the government unveiled incentives earlier this year to drive investment in the sector.
Oct. 17, 2013, 8:19 AM
- U.K. energy supplier Centrica (CPYYF.PK, CPYYY.PK), which owns British Gas, says it will raise household energy prices by an average 9.2% - 8.4% for gas and 10.4% for electricity - beginning Nov. 23, or ~£2/week ($3.20) to the average household dual fuel bill.
- Centrica is the second big U.K. energy supplier to announce a rise in its prices after SSE last week announced an increase of 8.2%.
Sep. 26, 2013, 11:35 AM
- In its latest fleet contract status update, Rowan (RDC -0.4%) says it booked a multi-well contract for one of its premium jack-ups with a rig share group that includes EOG, Trinity Exploration, Repsol (REPYY.PK, REPYF.PK) and Centrica (CPYYF.PK, CPYYY.PK) at $160K/day vs. its previous day rate of $145K.
- RDC also reported two separate one-well contracts for the Rowan Louisiana at $95K/day, unchanged from the previous day rate.
- Wunderlich views the update as "slightly positive," and the firm continues to believe RDC offers the most attractive EBITDA growth at its current valuation of any name in the offshore drilling space (Briefing.com).
Aug. 16, 2013, 10:18 AM
- Cuadrilla Resources suspends drilling activity at its site in Balcombe, the town south of London that has become a focus of protests against the U.K.’s efforts to develop a shale gas industry.
- Organizers say a large anti-fracking protest this weekend will involve "direct action and civil disobedience"; efforts two years ago to frack a well in Lancashire set off minor earthquakes.
- Centrica (CPYYF.PK, CPYYY.PK) recently acquired a 25% stake in a Cuadrilla exploration license in northern U.K., a move praised by government officials as a potential catalyst for shale production in the country.
Jul. 31, 2013, 9:58 AM
- Centrica's (CPYYF.PK) $1B deal for Hess' (HES) energy marketing operations, which supplies businesses on the U.S. east coast, is a signal the U.K. utility - which was on the margins of the sector but now becomes one if its biggest players - is bearish on natural gas prices and has implicitly taken a $1B short position, WSJ's Liam Denning writes.
- The acquired business sells gas but doesn’t produce any, so it performs best when prices are reasonably low and stable.
- Centrica suggests more U.S. acquisitions may be ahead, since lower North American gas prices make it attractive vs. the U.K., where costs are rising.
Jul. 30, 2013, 7:48 AM
- Hess (HES) agrees to sell its energy marketing business to British utility Centrica's (CPYYF.PK) North American subsidiary Direct Energy Business $731M in cash plus net working capital of ~$300M.
- The sale is part of Hess' plan to focus on its E&P activities, and brings YTD asset sales to $4.5B; Hess says the sale will allow it to start buying back shares under an existing $4B repurchase program.
- Centrica says the deal makes Direct Energy the largest business gas supplier on the U.S. east coast and the second largest business supplier in the U.S. retail power market.
Jun. 27, 2013, 7:58 AMU.K. shale gas resources may be far greater than previously thought, with as much as 1,300T cubic feet of gas in the Bowland shale area alone, the British Geological Survey reports. The findings are issued as ministers reportedly are set to announce financial incentives for communities where fracking takes place of 1% of revenues generated by a well over its lifetime. | Jun. 27, 2013, 7:58 AM | 2 Comments
Jun. 14, 2013, 8:29 AMOwners of prospective U.K. shale acreage reportedly spurned interest from four of the world's oil majors - Exxon (XOM), Shell (RDS.A), Total (TOT) and Statoil (STO) - in favor of a deal with Centrica (CPYYF.PK) due to its perceived ability to more easily maneuver through political risks. The deal highlights the growing interest in U.K. shale gas reserves even though it's not known if gas can be commercially produced from the license area. | Jun. 14, 2013, 8:29 AM | 3 Comments
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