Centrica Sinks to 14-Year Low as May Plans Energy Cap Law
- Utility’s trading volume surges to 4 times 20-day average
- Centrica CEO Conn says energy price caps are bad for customers
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Centrica Plc plunged to its lowest level since 2003 as the U.K. government plans to publish a draft law as early as next week to cap household energy prices.
Shares in the U.K.’s biggest power and gas supplier to homes fell as much as 7.4 percent and SSE Plc dropped as much as 5 percent. Utilities from Germany’s EON SE and Spain’s Iberdrola SA with operations in Britain also fell as Theresa May on Wednesday followed through on an election promise to cap charges in what she called U.K.’s “broken” energy market.