Centrica Plunges to Two-Decade Low on Bleak Outlook for 2019
- U.K. utility plans $981 million of asset sales, cost cuts
- Signs of ‘stabilization’ seen as customer losses slow
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Centrica Plc plunged to the lowest in almost two decades after tougher trading conditions in the U.K. energy market prompted the utility to forecast a gloomy outlook for next year.
Hurt both by a government-imposed cap on consumer energy bills and by outages at nuclear plants and gas wells, a target range for average adjusted operating cash flow “is under some pressure,” the company said. Britain’s biggest household energy supplier plans asset sales and cost cuts totaling 750 million pounds ($981 million) as well as 1,500 to 2,000 job reductions this year.