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Centrica to cut 1500 jobs

Centrica to cut 1500 jobs

The company also lost 261,000 customers in the United Kingdom thanks to large-scale switching, taking it below 14 million, although Centrica is pressing ahead with plans to cut 1500 jobs this year and drive another £250 million in savings.

But the company said it was on track to achieve the 2017 targets set out in its preliminary results.

The Conservatives have pledged to crack down on the United Kingdom energy sector with a price cap as part of their campaign ahead of the general election on 8 June.

With little more than four weeks to go until the general election, the FTSE 100 blue-chip escalated the row, warning: "Centrica does not believe in any form of price regulation".

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However, the market had been expecting a clampdown on some tariffs after most of the "big six" energy companies announced price hikes earlier this year, sparking outrage from MPs and consumer groups.

UK Home energy supply accounts were down 261,000 year-to-date, meanwhile, reflecting the planned roll-off of collective switch tariffs "and a greater shift towards enhanced segmentation". "Evidence from other countries would suggest this will lead to reduced competition and choice, and potentially higher average prices".

The Tories claim the voter-friendly intervention will knock an average £100 a year off the standard energy tariffs paid by almost 20 million customers.

"Our focus on competitive pricing, cost efficiency, improved service levels, rewarding loyalty and delivering propositions which customers want..." There are now over 40 domestic energy suppliers to homes.

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The company is expected to have cut around 1,500 jobs this year to meet its cost savings target.

On May 3 Centrica announced a GBP60 million investment in its offshore operations in Morecambe Bay. The Hive Active Thermostat already launched in the United Kingdom has now also been launched in North America.

In a trading update, the company said warmer weather in the United Kingdom and in North America had resulted in lower than planned consumption, while United Kingdom wholesale oil, gas and baseload power prices have dropped since its preliminary results in February.

Centrica said it saw a "strong Energy Marketing & Trading performance" while Neas Energy is continuing to "perform ahead of expectations".

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Bethesda's Pete Hines said that action was taken because they would have risked losing their Prey trademark if they didn't . All told, it's good to know that No Matters Studios at least settled on naming its game Praey for the Gods as a recourse.

"Although customer numbers continue to fall, adopting a quality over quantity approach feels like the right thing to do, after all slashing prices to keep everyone on board can be a risky tactic", he said. The group has also been affected by the temporary closure of its North Sea gas storage plant. In addition, the new ENER-G Cogen factory opened in New Jersey since the start of 2017.

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