British Gas owner Centrica has said it expects to leave household energy prices unchanged for the rest of the year, despite a squeeze on profits.
The energy giant said that its full-year earnings would be lower than expected, an announcement that pushed down shares in early trading. However, it added that competition in the industry would ensure household energy prices remained unchanged. Average bills were 10% lower this winter because of the milder weather. The company said that average consumption of gas and electricity was down by 25% and 10% respectively in the first four months of the year.
Residential pricesCentrica's chief executive Sam Laidlaw said that earnings were anticipated to fall in 2014 but to pick up again in 2015, assuming there were more "normal" weather conditions. But the company, which ended last year with 15.2 million customer accounts, said that fierce competition, including from smaller suppliers, meant it had lost 180,000 residential accounts in the year so far. It added that it was unlikely to increase prices...Read more here