UK Energy Giant Will Cut 5,000 Jobs
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Centrica, the major UK utility and the biggest supplier of energy to British homes, on June 11 said it would cut 5,000 jobs as part of a cost-cutting effort. CEO Chris O’Shea, who took over the company three months ago, said he also wants to simplify the utility’s business model.
The company Thursday said the changes would fast-track cost savings as part of its plan to cut $ 2.54 billion from the business by 2022. Centrica is the parent of British Gas, and the company in a February financial report said it lost £849m ($ 1.07 billion) in 2019. It blamed the loss on the UK’s cap on energy prices, and falling prices for natural gas. The government price cap weighed on the company’s profits, and many of the utility’s customers have left to find smaller and cheaper suppliers.
