Centrica plc (CNA · LSE)
From Boiler Repairs to Nuclear Power
Centrica is the owner of British Gas, selling gas, electricity and boiler cover to over 10 million households and businesses while also owning power stations, gas storage and a stake in Britain's nuclear fleet.
Bull case for Centrica plc
Ten million customer relationships to sell into
A vast household base lets Centrica sell boiler cover, installations and memberships alongside energy.
Contracted assets replace volatile trading profits
Meters, nuclear contracts and capacity payments give earnings that arrive on agreed terms.
Owning both supply and generation smooths swings
Owning power stations and storage while supplying customers offsets losses in one part with gains elsewhere.
Bear case for Centrica plc
Trading profits swing with world events
The trading arm's earnings depend on volatile gas and power markets nobody can predict.
Unpaid customer bills keep rising
Household energy debt across the industry has climbed, and unpaid bills reduce retail profits.
Government decisions control the biggest projects
Gas storage, carbon storage and new nuclear all need state support before they can proceed.