Details of Chris O’Shea’s ballooning package emerge in Centrica’s annual report after company reports bumper profits
The boss of the British Gas owner, Centrica, has seen his earnings nearly double to £8.2m, despite having admitted that his smaller pay packet the previous year was “impossible to justify”.
Chris O’Shea earned a basic salary of £903,000, which was topped up by cash and share bonuses worth an extra £7.3m.
Continue reading...Price Promise tariff gives discount on current cap and guarantees to be at least £1 per fuel under April one
British Gas has launched a fixed-rate gas and electricity deal that offers a 12% saving over most existing price-capped tariffs, adding a new choice to the hard-to-navigate home energy market.
For the past two winters, consumers have largely been spared having to seek out the cheapest deal, because, in almost all cases, it was their supplier’s price cap-protected standard tariff.
Continue reading...Dan Rosenfield decides to sit as independent after being nominated by former PM in resignation honours list
Boris Johnson’s former chief of staff Dan Rosenfield has decided not to sit on the Conservative benches following his elevation to the Lords in a move that has outraged some Tories, with one saying it made the former prime minister “look like a chump”.
Rosenfield, a former Treasury official, was one of several ex-aides nominated in June for peerages in Johnson’s resignation honours list.
Continue reading...Rick Haythornthwaite, who leads boardrooms of Ocado and the AA, lined up to succeed Howard Davies
NatWest is expected to announce shortly that a former Centrica boss will be its next chair, as the lender continues to deal with the fallout from the scandal surrounding the threatened closure of Nigel Farage’s bank accounts.
Rick Haythornthwaite – who previously chaired Network Rail and Mastercard as well as the British Gas owner and currently leads the boardrooms of Ocado and the AA – could be confirmed as a successor to Howard Davies as early as Wednesday afternoon, the Guardian understands.
Continue reading...Backlash prompts companies to give residents option of keeping natural gas rather than joining pilot project
Energy firms will no longer force people in a village in Cheshire to stop heating and cooking with natural gas and swap to lower-carbon hydrogen after a local backlash to a planned government-backed pilot.
British Gas and Cadent had been prepared to cut off gas supplies to nearly 2,000 homes in the village of Whitby, just outside Ellesmere Port on the south bank of the Mersey, as part of their proposals to create the UK’s first hydrogen-fuelled village.
Continue reading...Figure angers campaigners calling for tougher windfall taxes and follows prepayment meter scandal
The profits of the scandal-hit owner of British Gas have more than tripled to a record £3.3bn, boosted by soaring wholesale gas prices after Russia’s invasion of Ukraine and as many households in Britain struggle with the cost of living.
Centrica’s “monster” profits immediately angered campaigners who are calling for tougher windfall taxes, lower bills and better treatment of vulnerable customers against the backdrop of the prepayment meter scandal.
Continue reading...Britain’s largest energy supplier only recently ended its much-criticised forced installation of prepayment meters
The owner of British Gas is poised to reveal record annual profits of more than £3bn just weeks after suspending the forced installation of prepayment meters due to concerns over its treatment of vulnerable customers.
Analysts expect Centrica, which owns Britain’s largest energy supplier, to post underlying profits of £3.3bn in 2022 on Thursday, up from £948m in 2021.
Continue reading...As it happened: Prime minister speaks in interview on TalkTV to mark his 100th day in office
On the subject of Rishi Sunak reaching his 100th day in office, my colleague Jessica Elgot has a great assessment of how it’s going. Here is an extract.
After Liz Truss left office, polls suggested that voters wanted to keep an open mind about Sunak and rated him significantly higher than his party.
That is now beginning to turn. According to senior Labour figures, their most recent focus groups, with swing voters in Southampton, Dewsbury and Bury last week, were described as being “utterly brutal for Sunak”, with participants engaging in “open mockery” of the prime minister. Even the most pessimistic members of Keir Starmer’s team say they have seen a decisive shift.
In the coming weeks, our new stop the boats bill will change the law to send a message loud and clear.
If you come here illegally, you will be detained and removed.
Continue reading...Exclusive: Joint venture with Centrica is aimed ultimately at reducing carbon intensity at the site
Hydrogen will be injected into an emergency gas-fired power station for the first time in a pilot backed by the owner of British Gas.
Centrica has invested in an industry joint venture which will trial using hydrogen at an existing “peaking plant” at its Brigg station in Lincolnshire, the Guardian can reveal.
Continue reading...Centrica says Equinor will deliver enough gas for next three years to heat 4.5m extra homes
The British Gas owner, Centrica, has signed a major supply deal with the Norwegian state oil company, Equinor, as ministers scramble to secure domestic energy supplies.
Equinor has agreed to deliver an additional 1bn cubic metres of gas supplies to the company for each of the next three years, enough to heat an additional 4.5m UK homes.
Continue reading...Centrica boss also defends Amber Rudd’s appointment to its board as a non-executive
The British Gas owner, Centrica, has warned that Rishi Sunak’s windfall tax will “damage investor confidence” as Britain attempts to build up green energy supplies.
The Centrica chairman, Scott Wheway, and its chief executive, Chris O’Shea, hit out at the chancellor’s 25% levy on oil and gas operators’ excess profits, which will be used to pay for measures to reduce soaring energy bills.
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