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The company is installing two combined heat and power (CHP) units at the Carbis Bay Hotel and Estate in Saint Ives. The CHP units will help the site to keep its carbon footprint and energy costs down, as well as generate electricity, helping to relieve the pressure on the local grid.
Rated at 35kWe each, the units have been designed by Centrica Business Solutions to produce electricity and use the heat that is normally wasted in conventional power generation, achieving an efficiency of nearly 90 per cent to unlock a reduction in carbon emissions of around 70 tonnes a year.
Once installed, the CHPs will be connected to a unique virtual marketplace that is being built to provide homes and businesses with a platform on which to buy and sell energy. This platform will provide flexibility to participants and the local energy grid, allowing businesses to create an additional income by reducing or even increasing energy use depending on local demand.
Matt Hastings, Programme Director for the Cornwall LEM said: “We’re really excited to have such a prestigious hotel on board. Carbis Bay Hotel has different types of accommodation and leisure facilities, making it perfect for the trial.
“We have big ambitions for the Local Energy Market in Cornwall – not only will there be the opportunity for businesses to become more energy efficient and make money, it will relieve pressure on the grid and help Cornish renewable energy companies to identify new business models.”
Stephen Baker, owner and Managing Director of the Carbis Bay Hotel & Estate said: “Across our business, we are committed to reducing our carbon footprint and are striving to become environmentally sustainable throughout our estate, whilst offering guests a luxury experience.
“Our energy consumption is considerable and with the completion this coming summer of our new £15m beachside regeneration project, which includes further lodge and suite accommodation and a new extensive restaurant and events facility, the chance to have these CHP units has come at just the right time. They will help us to generate most of the increased energy we will need, and also enable us to link up to the local energy market.”
As part of the trial, Centrica is also providing grants of up to £1,000 to small businesses to pay for energy monitoring equipment and support. Centrica is currently supporting the following businesses: Deltor Communications, Winsdon Farm, Tregerles Farm, Goonhilly Earth Station, Cornish Spring Water, Teagle and Leyonne Energy.
https://www.centrica.com/news/carbis-ba ... rgy-market
“Our financial result in the second half of 2017 was weak, primarily reflecting poor performance in Business energy supply and particularly in our North America Business unit. The combination of political and regulatory intervention in the UK energy market, concerns over the loss of energy customers in the UK, and the performance issue in North America have created material uncertainty around Centrica and, although we delivered on our financial targets for the year, this resulted in a very poor shareholder experience. We regret this deeply, and I am determined to restore shareholder value and confidence. The underlying trends driving our strategy are clear, as are the distinctive capabilities we have to benefit from them. We are committed to delivering attractive returns and growth over the medium term. Our focus today is on performance delivery and financial discipline - on demonstrating top line growth as we deliver improved service and new propositions for our customers, and driving efficiency as hard as possible to underpin our competitiveness”.
2017 FINANCIAL PERFORMANCE
Adjusted operating profit down 17% to £1,252m, reflecting significantly reduced profit in Centrica Business.
Adjusted earnings down 22% to £698m. Higher net finance cost and lower Group adjusted tax rate of 22%.
Adjusted EPS down 25% to 12.6p.
£476m post-tax net exceptional charge, predominantly relating to impairments of E&P assets and Rough; shareholder statutory profit of £333m after accounting for re-measurements of open commodity positions.
EBITDA down 9%. Adjusted operating cash flow (AOCF) down 23% reflecting lower EBITDA and one-off UK Business working capital inflow in 2016. Underlying AOCF down 13.0% vs 2016 and CAGR of (0.7%) since 2015.
Group net debt down £877m to £2.6bn, at lower end of £2.5bn-£3bn end 2017 targeted range.
Proposed full year dividend of 12.0p.
https://www.centrica.com/news/2017-prel ... nouncement
https://finance.yahoo.com/news/centrica ... 00048.html
LONDON, March 6 (Reuters) - The British energy regulator said on Tuesday it is committed to implementing a cap on prices for millions of households by the end of this year, providing parliament passes the necessary legislation before a summer recess.
* The regulator, Ofgem, will be given new powers to set and implement price limits by legislation introduced last week and expected to pass in time for the cap to be in place by winter.
* Ofgem said it aimed to cap prices for 12 million households, which it says are paying as much as 300 pounds ($415) more than those on the cheapest tariffs. It already reduces the bills of 5 million households using pre-existing powers.
* "Ofgem has today committed to put the cap in place by the end of the year, provided that legislation is passed as expected before parliament rises for the summer recess," it said.
* It sent a letter on Tuesday to energy providers and other stakeholders setting out how it will create and implement caps, including a series of consultations between now and August. https://www.ofgem.gov.uk/system/files/d ... e_caps.pdf
* Price caps are then to be set in the autumn and implemented by the end of 2018.
* Six companies supply 78-79 percent of energy to domestic customers in Britain - Centrica (Frankfurt: A0DK6K - news) 's British Gas, SSE (Amsterdam: UW8.AS - news) , E.ON, EDF Energy, Innogy's Npower and Iberdrola (Amsterdam: ID6.AS - news) 's Scottish Power.
https://uk.finance.yahoo.com/news/briti ... 20951.html
Centrica's share price is below the future cash flow value, and at a substantial discount (> 40%).
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https://www.centrica.com/news/iain-conn ... revolution