Centrica Cuts 16% of Jobs as Exploration Business Shrinks
This article is for subscribers only.
Centrica Plc, the biggest energy supplier to U.K. homes, will cut about 16 percent of its workforce and shrink its exploration and production business to reduce costs.
The company will lose about 6,000 jobs, of which roughly half will be redundancies and the rest a result of “turnover and attrition,” it said Thursday after a five-month review. Centrica will lower spending on exploration and production as well as power generation by 1.5 billion pounds ($2.3 billion) over the next five years.