The British energy company Centrica reports a 3% increase in its 2017 revenues to £28bn (€32bn) but a 17% drop in operating profits to £1.2bn (€1.4bn). The poor performance comes mainly from the energy supply business unit, especially in North America. Centrica has scheduled additional cost saving measures of £500m (€565m) annually by 2020, which include 4,000 job cuts. No significant merger or acquisition is planned in the immediate future and the company also announced plans to sell its nuclear business.
In its Exploration and Production business, Centrica produced 61 mboe in 2017 (-14%), including 15.7 mboe of liquids (-10%) in Europe (13.7 mboe, -11%) and in America (2 mboe, -5%). Gas production fell by 15%, especially in America (-34%). The group generated 20.2 TWh in 2017, 12% less than in 2016, due to a 26% fall in its gas-fired power generation (sale of the Langage and South Humber Bank CCGT plants). Its electricity sales to businesses in the UK fell by 10% to 11.3 TWh (9% drop in customer accounts to 653,000), while residential sales dipped by 5% (6% decrease in customer accounts to 20.3 million).
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