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Centrica postpones capital markets event due to market conditions

·2-min read

LONDON (Reuters) - British energy supplier Centrica said on Wednesday it will postpone its capital markets event, initially planned for November 16, sending its shares down in morning trade.

Centrica, the owner of British Gas, had said it would set out its future strategy at its capital markets event.[L1N2OY0A3].

"In this current unprecedented commodity price environment we remain focused on looking after our residential and business customers, whilst working as part of wider industry efforts in the UK to support the customers of failed suppliers," said company's CEO, Chris O'Shea, in a statement.

"Unfortunately, that has meant taking the decision to postpone our planned Capital Markets Event in November," he added.

British and European wholesale gas and power prices have rocketed this year to all-time highs amid a global price rally, as the markets compete with Asia for natural gas where demand is also high, as well as other factors.

Several small British energy suppliers have collapsed over the past month amid soaring wholesale energy prices with speculation more could follow.

In September, Centrica's British Gas has been appointed to take on the nearly 350,000 customers of small supplier People's Energy which ceased trading that month.

Centrica didn't give a new date for the postponed event. The news sent its share price down 2.3% by 0840 GMT.

Centrica in July reported broadly flat operating profits for the first six months of 2021, after the impact of COVID-19 and industrial action offset a boost from stronger energy demand.

"Performance since the interim results in July has been in line with expectations and as a responsible energy supplier built on a sustainable model, the Group is well hedged for the coming winter and beyond. Centrica’s balance sheet remains strong and the Group’s transformation remains on track," Centrica said in a statement.

(Reporting by Marwa Rashad; Editing by Nina Chestney)

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