Energy firms such as Centrica, and DONG Energy could feel the sting of falling oil prices with a drop in their revenues, suggests the ratings agency Moody’s.

Its new report ‘Global Corporate Finance: Airlines, Packaged Food, Shipping Get Biggest Lift from Oil Price Plunge’, holds a warning for European utilities which don’t just supply energy but also extract oil and gas.

Steve Wood, Managing Director at Moody’s points to 2013 figures which show exploration and production (mainly in gas) made up nearly 50% of pre-tax earnings (EBITDA) for British Gas-owner Centrica and Denmark’s DONG Energy.

It was less than 15% for German energy giants E.ON and RWE which each have British arms.

The ratings agency adds the blow may softened in some way because they typically sell part of their oil and gas output in advance.