There are 102 results for "Centrica"

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Centrica boss: Big energy firms 'absolutely not a cartel'

The boss of Centrica, which owns British Gas, told ITV News the 'Big Six' energy firms are "absolutely not a cartel" after Ofgem's review found evidence of possible tacit co-ordination.

The energy watchdog said it did not find evidence of explicit collusion between the firms but said the timing and size of price announcements were part of the evidence that showed possible tacit co-ordination.

Sam Laidlaw told ITV News he "refutes totally" the idea that the 'Big Six' are a cartel and claimed that the energy market is "vibrant" and "very competitive."

Read: Inquiry a significant moment but it will take two years

Npower: It's time realities of market were made public

The chief executive of RWE npower has welcomed the major competition inquiry into energy firms and said it is "time that the realities of the market were made public."

It's time that the realities of the energy market were made public. Britain has the 3rd cheapest gas prices in Europe and the 7th cheapest electricity prices, and we have taken steps to get to the facts as to why bills are going up.

If there are problems they need to be dealt with, and where the market is operating well this can be acknowledged.

– Paul Massara, CEO RWE npower

Mr Massara added that British consumers deserved a "comprehensive and vigorous investigation" so the public could start trusting energy companies again.

Read: Centrica 'refutes totally' idea 'Big Six' are a cartel

Centrica boss: 70% of gas will be imported by 2020

ITV News Business Editor Joel Hills has tweeted:

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Centrica boss says coal + North Sea oil have made us feel energy secure. By 2020 70% of gas we use will be imported. "Things changing fast"

Read: Inquiry a significant moment but it will take two years

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Centrica: Uncertainty could damage energy investment

The chief executive of Centrica, which owns British Gas, has welcomed the major competition inquiry into energy firms but said a lengthy review could damage investment when the market's "security is being seriously challenged."

Centrica head office in Windsor, Berks. Credit: Steve Parsons/PA Wire

Sam Laidlaw said: "Anything that clears the air and helps rebuild trust in the industry must be a good thing. Britain's energy market is highly competitive and we believe that a full independent review by a respected regulatory authority would demonstrate precisely that.

"Competition is working, providing choice for consumers and some of the lowest prices in Europe.

"We hope that a lengthy review process will not damage confidence in the market, when over £100 billion of investment in new infrastructure is needed.

"A prolonged period of uncertainty could damage investment at a time when Britain's energy security is being seriously challenged."

Read: Inquiry a significant moment but it will take two years

Competition probe expected for 'Big Six' energy firms

Energy regulator Ofgem is expected to recomend the 'Big Six' gas and electricity firms are given a full-scale competition probe in a move that could break up the biggest names in the sector.

Read: SSE boss 'agrees with Miliband' as it freezes energy prices

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Energy firms have come under fire for raising energy bills at a time when household budgets are squeezed. Credit: PA

Read: Regulators urged to investigate 'broken' energy market

Ofgem are likely to recommend Centrica, EDF Energy, Npower, E.ON UK, Scottish Power and SSE are referred to the new Competition and Markets Authority (CMA) when they publish their "state of the market report" later today.

It would mark the first full-scale competition probe into the energy market and would see the UK's biggest suppliers come under an unprecedented level of scrutiny.

Soaring bills have been blamed on a lack of competition in the sector despite protests from the Big Six that prices have risen to offset the wholesale cost of energy.

However, energy bills have risen three times the rate of inflation, which have gone by 10.2% since October 2010.

Read: Energy firms told to refund £400m from closed accounts

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