British energy group Centrica posted a 11% increase in revenues in 2014 (up to £29.4bn, i.e. €39.9bn), boosted by a 62% increase in revenues by Direct Energy (full consolidation of Hess Energy Marketing, acquired in November 2013). Revenues by British Gas dropped by 9%, reflecting record mild weather in the UK in 2014 compared to colder temperatures in 2013: residential energy supply revenues fell by 12% (-20% in gas consumption and -8% in electricity consumption). Where Centrica Energy is concerned, power generation increased by 2% to 22.1 TWh and total hydrocarbon production rose by 3% to 79.5 mboe. Upstream proven and probable reserves fell by 18% to 585 mboe, reflecting production in the year and the sale of a 40% share of our wholly-owned gas assets in Western Canada to QPI.
In 2014, Centrica's total E&P capital expenditure exceeded £1bn (€1.4bn); they should be cut to approximately £800m (€1.1bn) in 2015.