(Alliance News) - Centrica PLC on Wednesday said it has postponed its November 16 Capital Markets Event as it remains focused on weathering the "unprecedented commodity price environment" the gas and energy market currently faces.
Centrica is a Windsor, Berkshire-based energy and services company whose brands include British Gas Ltd and Upstream Ltd. It did not say when the Capital Markets Event had been postponed until.
Wholesale prices for gas have more than tripled since January - with a 70% rise since August alone, leading to calls for support from the industry.
The rise in gas prices has been blamed on a number of factors, including a cold winter which left stocks depleted, high demand for liquefied natural gas from Asia and a reduction in supplies from Russia.
"In this current unprecedented commodity price environment we remain focused on looking after our residential and business customers, whilst working as part of wider industry efforts in the UK to support the customers of failed suppliers and drive the regulatory reforms which are urgently required to make sure this situation never recurs," said Chief Executive Chris O'Shea.
Last month, Centrica said British Gas would take on customers of failed energy supplier People's Energy, which ceased trading in September with around 350,000 domestic customers and around 500 business customers.
In addition to People's Energy, British Gas has taken on the customer base of Simplicity Energy, PfP Energy and MoneyPlus Energy via Ofgem's Supplier of Last Resort process this year.
Separately on Wednesday, the energy services provider said that its performance since July has been in line with expectations, after a swing to pretax profit of GBP907 million in its first half ended June 30, from a loss of GBP462 million the same period a year prior.
Centrica added it is well hedged for the coming winter and beyond, as its balance sheet "remains strong" and transformation is still on track.
Shares were down 2.3% at 59.69 pence in London on Wednesday.
By Josie O'Brien; josieobrien@alliancenews.com
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Centrica (CNA)
