Centrica today repeated its warning that government intervention in energy prices would reduce competition and lead to heftier bills for consumers.
In a trading update published ahead of today’s AGM, Centrica said it “does not believe in any form of price regulation”.
The Conservative Party’s general election manifesto is expected to include an intervention measure in the UK energy supply market, with a price cap touted as one option.
Centrica said it had been engaged in a “regular and constructive dialogue” with the UK Government and had proposed alternative ways to improve the market without resorting to price regulation.
Centrica also said output from its exploration and production (E&P) unit was “broadly on plan” to the end of April, despite an extended maintenance outage at Morecambe, with the Cygnus gas field performing ahead of expectations.
Its divestment programme is also on track, with the sale of its Trinidad and Tobago E&P assets expected to close later in H1 and it Canada E&P sale targeted for 2017.
Centrica chief executive Iain Conn said: “We continue to make good progress in implementing our customer-facing strategy, building on the underlying momentum we had as we entered 2017.
“Customer service is improving, we have launched new offers delivering choice for customers and rewarding loyalty and we continue to develop our technology capabilities. We remain on track to deliver against our 2017 targets.”
Recommended for you
