Mild winter and lower use hit Centrica outlook

first_img Joseph Millis Mild winter and lower use hit Centrica outlook Thursday 20 November 2014 8:39 pm whatsapp Show Comments ▼ BRITISH Gas owner Centrica yesterday reduced its earnings forecast, as milder winter weather cut into its revenues.The firm said the average residential gas consumption for the first 10 months of the year was 21 per cent lower than in 2013, while the average electricity consumption was down seven per cent.It added that the average fuel bill is expected to be £100 lower as a result.Centrica also warned that falling oil and gas prices could “significantly” impact its business.The company said the number of British Gas residential customer accounts fell by 50,000 in the months since June, but has recently begun to grow.Despite cutting its earnings-per-share forecasts by 2p, Centrica said it expected to see a “return to more normal weather conditions”, which would boost its year-end profits.“We will likely spend less on finding gas as commodity prices come down,” said interim chief financial officer Jeff Bell on a conference call to journalists.The company’s 2015 upstream capital expenditure is expected to fall to £900m from £1bn this year.Despite its earnings downgrade for this year, Centrica was more upbeat about the coming year, saying a return to normal weather conditions in Britain and North America would lead to earnings growth in 2015.The utility also said it had started signing up new customers in Britain in recent weeks through a new tariff it launched in partnership with supermarket chain Sainsbury’s .Shares in Centrica fell 1.57 per cent to close at 293.90p. center_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May Likezenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailPost FunGreat Songs That Artists Are Now Embarrassed OfPost FunMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorLoan Insurance WealthDolly Parton, 74, Takes off Makeup, Leaves Us With No WordsLoan Insurance WealthPast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save Thousands.The No Cost Solar ProgramElite HeraldKate Middleton Just Dropped An Unexpected Baby BombshellElite Herald whatsapp Share More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com Tags: Centrica Companylast_img

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