Ex-Centrica boss heads $5bn oil and gas fund

The former boss of UK energy company Centrica is to head a new $5 billion (£3.3bn) fund to buy oil and gas assets globally. London-based Neptune Oil and Gas is backed by private equity firms Carlyle Group and CVC Capital Partners. It will focus on investing in large-scale fields and companies in the North Sea, […]

New Centrica CEO announced

From one huge British energy brand to another – the new Chief Executive of Centrica comes straight from oil giant BP. British Gas-owner Centrica announced its new boss will be Iain Conn, who has been Chief Executive of BP’s refining and marketing division for the past seven years. The 51-year-old Conn will pick up the […]

Centrica boss warns of power cuts following competition probe

Centrica’s chief executive today warned there’s an “increasing risk” of power cuts in Britain as a result of the competition investigation. Ofgem today announced the Big Six energy companies will be investigated to check whether competition is working over concerns about high profits and “tacit co-ordination” between suppliers. Sam Laidlaw (pictured) believes it is a […]

Centrica chief warns about UK’s growing reliance on gas imports

Britain will rely on imports for up to 70% of its gas needs by the end of the decade, Centrica’s chief executive has warned. Sam Laidlaw (pictured) said dependency on gas means shale gas has the potential to make a “significant contribution” to the UK’s future energy mix but it remains “unproven” and many challenges […]

Centrica finance man departs

A senior executive at British Gas’s parent firm Centrica is leaving the company to work at Reed Elsevier. Chief Finance Officer Nick Luff will depart for the publishing business by the end of 2014. He goes at a time when energy companies are under increasing heat for putting up power prices while household budgets are […]

Centrica signs £4.4bn LNG import deal with Qatar

The owner of British Gas, Centrica, has signed a £4.4 billion agreement to purchase Liquefied Natural Gas (LNG) from Qatar. The four-and-a-half year deal sees Centrica buy up to three million tonnes of LNG a year from Qatargas – building on a £2 billion agreement signed in February 2011 which runs out next year. The […]

Centrica boss gives up his bonus

The boss of one of Britain’s biggest energy companies, Sam Laidlaw, said he will forgo his bonus this year. The chief executive of British Gas’ owner Centrica made the pledge in what seems to be an attempt to appease the anger of customers over rising energy bills. The company announced it is bumping up tariffs […]

British Gas owner sees half-year profits of £356m

The owner of British Gas has reported a 3.2% rise in half-year profits following a boost in gas consumption during the cold winter months. Centrica saw profits from its residential energy arm increase to £356 million from £345 million over the same period last year after gas usage rose by 13% compared to 2012. British […]

Centrica buys US Energy Marketing business

Centrica is paying £500million for the US energy marketing branch of oil and energy firm Hess Corporation. It’s the UK firm’s second US buy announced in a month which suggests the parent company of British Gas is keen to take a bigger bite of business across the Atlantic. It claims the purchase will make its […]

Centrica’s £16.4m for pay and bonuses ‘obscene’

The union for energy workers have condemned the payouts to Centrica’s bosses’ and slammed it as “obscene” as five executives got a total of £16.4 million in pay and bonuses last year. The figure is from its Annual Reports and Accounts for 2012, which also showed British Gas made £606 million in profits last year […]