Thames Water: Bonuses from £3bn emergency loan ‘withdrawn’ May 20, 2025 Hefty bonuses to Thames Water bosses that were carved out of a £3bn emergency loan have been “withdrawn” following backlash, the government has announced. Environment secretary Steve Reed said on Tuesday he was “very happy indeed that Thames have now dropped those proposals. It was the wrong thing to do. They have now withdrawn their [...]
Centrica: British gas owner to sell stake in North Sea gas field to Ithaca Energy May 20, 2025 Centrica has announced plans to sell off a big chunk of its holding in the Cygnus gas field in the southern North Sea. The deal will see Spirit Energy – a subsidiary of Centrica – offload its 46.25 per cent stake in the site for around £215m to Ithaca Energy. Centrica, which owns British Gas, [...]
Smiths Group: Shares jumps as demerger on track May 20, 2025 British engineering firm Smiths Group posted a boost to revenue in the third quarter as it progressed on demerger plans. The group’s revenue jumped 10.6 per cent on the back of “strong performance and momentum in the order book”. Shares in the group rose over two per cent to 2,100p during early trading on Tuesday. [...]
Centrica: Major gas facility to shut without government help May 18, 2025 The boss of Centrica – which owns British Gas – has warned the UK’s largest natural gas storage facility will be “decommissioned” unless the government steps in. Speaking on BBC Sunday with Laura Kuenssberg, company boss Chris O’Shea called for the government to underwrite the business’ investments in the Rough facility near the East Yorkshire [...]
National Grid profit jumps by a fifth despite record investment May 15, 2025 National Grid’s annual profits rose by a fifth as it lauded stable growth against a backdrop of “international economic uncertainty.” On an underlying basis, pre-tax profit increased 20 per cent to £3.7bn over the 12 months ended 31 March. Earnings per share rose two per cent to 73.3p, ahead of previous guidance. National Grid announced [...]
Bosses insist bonuses are justified for running ‘hair raising’ Thames Water May 13, 2025 Bosses at Thames Water have defended taking hefty bonus payouts as Thames Water battles to stay afloat and pollution incidents soar. Chief executive Chris Weston and Chair Sir Adrian Montague are spearheading a turnaround at the crisis-hit utility, which narrowly avoided bankruptcy earlier this year via a £3bn emergency loan from creditors. It was revealed [...]
Octopus and Utility Warehouse: suppliers to pay £7m after Ofgem price cap breach May 9, 2025 Octopus Energy and Utility Warehouse are among ten UK energy suppliers ordered to refund and compensate over 34,000 customers after an Ofgem investigation uncovered systemic overcharging linked to technical billing errors. The total payout of 7m – comprising £5.6m in direct refunds and nearly £1.4m in goodwill payments – follows a compliance review by the [...]
AWS pushes UK chip plans amid AI energy crunch May 8, 2025 Amazon Web Services (AWS) has defended the environmental and economic rationale behind its push into custom silicon and AI infrastructure, amid increasing scrutiny over the carbon footprint and power demands of hyperscale cloud providers. Speaking at the AWS summit in London, Dave Brown, vice president of compute and networking at AWS, highlighted the firm’s investment [...]
Centrica: FTSE 100 British Gas owner suffers huge backlash over CEO pay rise plans May 8, 2025 Centrica, the FTSE 100 parent company of British Gas, has suffered a huge backlash to plans to hand its chief executive a hefty pay rise. City AM reported in March that the CEO took home £4.3m for Centrica’s latest financial period, down from the £8.2m he received in the prior year. Chris O’Shea, who has been [...]
Centrica: ‘Challenging market conditions’ hit FTSE 100 energy firm May 8, 2025 Centrica has said it expects higher losses at its subsidiary, the UK’s largest gas storage site in the North Sea, known as Rough. The owner of British Gas on Thursday reaffirmed full-year profit guidance and plans to hike dividends despite “challenging market conditions” in its gas and power segment. Annual dividends are set it rise [...]