Centrica is willing to cap its profits to reduce bills

Centrica is willing to cap its profits to reduce bills

(Reuters) – Centrica, Britain’s biggest energy company, is considering cutting profits to lower household bills, its chief executive Chris O’Shea was quoted as saying by The Guardian on Saturday.

Chris O’Shea wants Centrica, owner of British Gas, to be the first company to sign new renegotiated contracts with the government for power generation.

New British Prime Minister Liz Truss promised on Thursday to freeze household energy bills for two years.

“Of course we are in this business to create value for all our shareholders, our customers and the country. But it’s not about maximizing profit this year, it’s about having a profitable business over the long term,” Chris O’Shea told the Guardian.

Centrica’s profit jumped in the first half thanks to asset sales and rising energy prices. Adjusted operating profit for the first six months of 2022 reached £1.34 billion (EUR 1.53 billion) compared to £262 million a year earlier.

(Report by Maria Ponnezhath in Bangalore, French version by Jean-Stéphane Brosse)

Reference: www.challenges.fr

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