UK energy company forecasts higher profit from retail business
LONDON, June 13 (Reuters) — British Gas owner Centrica expects its retail business to generate significantly higher first-half adjusted operating profit than in previous years, it said on Tuesday, citing reduced debt-related costs.
UK energy regulator Ofgem’s price cap provides an allowance to account for debt on energy bills that cannot be recovered by suppliers and is ultimately written off.
In a statement ahead of its annual general meeting on Tuesday, the company said its performance over the first five months of the year has been strong overall.
It expects its full-year group adjusted earnings per share to come near the top end of a predicted range between 16.5 and 24.7 pence per share.
(Reporting by Nina Chestney in London and Eva Mathews in Bengaluru Editing by David Goodman)
Related Knowledge Center: Electrical grid reliability
With the need to reduce use of fossil fuels in transportation and other areas, demand is likely to increase for solutions that increase dependence on electricity and the electrical grid.