Our Strategic Framework

As the pace of change continues to accelerate, we are responding by focusing colleagues and technology on helping businesses and households to use energy more efficiently and sustainably. We recognise the need to help enable a more flexible energy system, deploying a range of technologies to help build the grid of the future.

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Retail

We remain relentlessly focused on providing leading customer service and experience helping them to save money and decarbonise through innovative offerings.

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Optimisation

We are supporting the responsible buying and selling of energy, managing risk across our business and accessing value from green generation in our trading business while continuing to build out the flexibility required for the future energy system.

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Infrastructure

Investing to build a low carbon, reliable energy system including power generating renewables, flexible peaking generation and energy storage through batteries and geological storage.

Focusing on delivery

  • British Gas

    Energy supply for residential and small business customers in England, Scotland and Wales

    British Gas Energy is transitioning onto a new digital platform to lower cost per customer and improve service

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    Services and solutions for residential customers In England, Scotland, and Wales

    Services & Solutions is focused on fixing delivery and helping customers with the energy transition

Positioned for growth

  • Bord Gais

    Energy supply services and solutions for residential and business customers in the Republic of Ireland

    Bord Gáis is an established business with opportunity to explore future growth

  • Centrica Business Solutions

    Energy supply and low carbon solutions for businesses, building and operating a portfolio of flexible assets

    Centrica Business Solutions is refocusing on its strengths in supply and services and increasing investment in energy transition assets

  • Making It Happen

    Trading and optimisation of energy globally, managing energy procurement and risk

    Centrica Energy is an established business with proven capability ready to grow further

Creating value from optionality

  • Centrica Storage

    Storing and producing gas to manage seasonal demand and energy security

    Centrica Storage has an opportunity to explore its role in the future of hydrogen

  • Spirit

    Oil and gas production in existing UK assets

    Spirit has an opportunity to explore its role in the future of hydrogen and carbon capture

  • Nuclear

    Minority stake in the UK's portfolio of existing nuclear power stations

    We have a 20% minority stake in a declining portfolio, Centrica is exploring further investment in nuclear generation

Customers

Helping our customers live sustainably, simply and affordably through investment in services and solutions alongside our desire to do the right thing.

Colleagues

Working together to achieve a more inclusive team where everyone feels motivated, safe and able to reach their full potential.

Investors

Evolving our strategy in a sustainable and responsible way to strengthen the success of our Company and deliver a return on investment.

Government and regulators 

Enabling the delivery of national priorities through collaboration on key issues like decarbonisation, energy security and affordability.

Suppliers

Ensuring communities benefit from our business by targeting high standards across our supply chain and treating suppliers fairly.

Communities and NGOs

Tackling urgent social and environmental issues through local and national partnerships.

Macro Trends

The need to decarbonise

Enabling system flexibility

The need to support consumer change

Market Changes

Cost of living crisis

Energy market volatility

System security

Cost of living crisis

The rapidly rising cost of living poses a major near-term challenge that affects our customers, colleagues and our business.

How we’re responding

  • Providing vulnerable customers £50 million in support 
  • Helping customers lower their consumption and save on their bills with innovative products in Hive
  • Striving to complete the transformation of our business, lowering costs for customers while continuing to provide the energy and services they need
  • We are passionate about protecting and rewarding our colleagues with fair pay deals

Energy market volatility

This year has seen unprecedented volatility in global energy markets directly impacting the prices of the gas and power we buy for our customers.

How we’re responding

  • We have used our Optimisation businesses to help manage risk across the Group and responsibly procure energy for our customers 
  • We’ve acted responsibly in our supply businesses ensuring we hedge our customers’ demand and ring fence credit balances to protect their money 
  • We’ve continued to invest in flexible generation which will help reduce and stabilise energy costs in the long term

System security

Geopolitical tensions and rising prices have created security of supply concerns and risks of energy shortages globally.

How we’re responding

  • Helping to keep our customers warm by signing scale long-term purchasing agreements for the import of European gas and US LNG into the UK
  • Converting the Rough facility back to gas storage supporting supply security for homes and businesses
  • Investing in additional green, low cost generation
  • Continuing to explore long-term scale investments in nuclear which will provide reliable baseload power

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Annual Report 2022

 

Helping you live sustainably, simply and affordably.

 

Annual Report 2022

  • Our Group Priorities

    Customer Obession
    Customer obsession
    Operational Excellence
    Operational excellence
    Most Competitive Provider
    Most competitive provider
    Cash Flow Growth
    Cash flow growth
    Empowered Colleagues
    Empowered colleagues

    Our Group Priorities

    In 2019, we evolved our focus on five key priorities to deliver our strategy and we align performance and risk management processes around these, including our Key Performance Indicators. Our Group Priorities are underpinned by safety, compliance and conduct.

    Read more about our key performance indicators

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  • Our strategic objectives

    Our strategic objectives

    • Simplify the organisation to free up colleagues to focus on customers and to reduce costs
    • Build the workforce and capabilities of the future so we can continue to lead in heating solutions
    • Build out an asset base to support our customers, the grid and the broader energy system through the energy transition across green power and clean gas
    • Maintain a strong balance sheet enabling future net zero investment and returns to shareholders

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  • Our People & Planet Plan

    Our People & Planet Plan

    We have introduced our People & Planet Plan to create a more inclusive and sustainable future that supports our communities, our customers and each other. Our five global goals accelerate action in areas where we can make a difference. Through this we aim to be net zero business by 2045 and help our customers be net zero by 2050.

     

    PEOPLE IMAGE