Parent firm Centrica updates investors on its financial and operational progress ahead of a meeting that could yield a significant pay revolt.
Energy price cap reduction explained
Centrica said its group performance over the first five months of the year had been strong overall despite those reductions in wholesale prices. It said group adjusted earnings per share were set to be at the"top end" of analyst expectations for the year of a predicted range between 16.5 and 24.7 pence per share.Centrica said its energy marketing and trading business, along with gas production volumes, had offset the impact of falling commodity prices.
In a statement, the firm said:"As always, uncertainties remain over the balance of the year, including the impacts of weather, commodity prices, the economic environment, any changes to regulation or government policy, asset performance and the competitive backdrop for our energy supply businesses."While Centrica is expected to win the motions set out at its AGM, asset manager Abrdn has reportedly said it would vote against the group's pay report for top management.
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