British Gas owner warns of ‘challenging’ investment environment in green energy
Centrica’s shares tumbled on Thursday as it announced a share buyback that fell short of market expectations and warned of a “challenging” investment environment in green energy. The FTSE 100 owner of UK household energy supplier British Gas said it would extend its share buyback programme by about £200mn, on top of the roughly £1bn it started in November 2022. But this fell short of the £300mn expected by analysts, sending the shares 9 per cent lower to 130.
Chris O’Shea, Centrica’s chief executive, said there were now “more normalised market conditions” and the business was delivering “in line with our expectations”. The company has set out a “green-focused investment strategy” through which it wants to invest about £600mn-£800mn a year until 2028 in assets such as wind and solar farms and gas-fired plants, which can provide back-up on windless days.
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