Renewables on ice at UK's Centrica

Centrica continues to hold a share of Lincs

Centrica continues to hold a share of Lincs

Amid falling earnings and stiff market headwinds, Centrica has made clear that any ambitions it may still harbour for renewable energy will be kept on the backburner for the foreseeable future.

Centrica, which two months ago sold its Round 2 Race Bank offshore wind project to Dong for £50m ($83m), expects its "near-term investment in the UK power sector to be limited”, says chief executive Sam Laidlaw.

Centrica, which owns British Gas, saw its full-year profits slide 2% last year to £2.69bn, with its British Gas residential energy-supply business under particularly intense pressure amid falling customer numbers.

Operating profits within Centrica’s renewables business fell 55%, to just £25m, while its gas-fired unit reported an operating loss of £133m.

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