CEO of Ovo's retail division, Raman Bhatia, states that the company is poised to create more value for its customers by investing in decarbonization technology and services.
- Jul 21, 2023, 11:00 AM CDT
The profit decline is blamed on rising energy costs and volatile gas prices, reflecting instability in commodity markets since the post-pandemic demand surge and supply squeeze.Ovo Group shareholders have raised their stakes in the company in transactions worth £200m, which has been announced the same day the company revealed a hefty downturn in profits amid higher hedging costs for buying gas.
Raman Bhatia, chief executive of Ovo’s retail division, argued the investment highlighted the company’s “potential for growth” as the company grows and innovates, despite challenging market conditions as the sector recovers from the energy crisis which saw 30 suppliers collapse. However, the company expected this to have “no cash impact” and “will reverse in future periods when customers use this energy”.
Dozens of energy firms collapsed between late 2021 and early 2022, exposed by a lack of hedging, including the de-facto nationalisation of Bulb Energy for nearly a year, which was home to 1.6m customers.and while markets have since eased, suppliers are still facing higher costs to meet hedging requirements.begun contingency measures including its potential nationalisation amid concerns over its financial vulnerability.
Belgique Dernières Nouvelles, Belgique Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Murdered private detective Daniel Morgan’s family agree to Met Police settlementThe Met Police has admitted its investigation into the murder of Daniel Morgan was 'marred by a cycle of corruption, professional incompetence and defensiveness'. C4Ciaran spoke to the lawyer for Daniel Morgan’s family.
Lire la suite »
Apex Legends dev boldly declares that 'queue times are too short,' but let's hear them outMorgan has been writing for PC Gamer since 2018, first as a freelancer and currently as a staff writer. He has also appeared on Polygon, Kotaku, Fanbyte, and PCGamesN. Before freelancing, he spent most of high school and all of college writing at small gaming sites that didn't pay him. He's very happy to have a real job now. Morgan is a beat writer following the latest and greatest shooters and the communities that play them. He also writes general news, reviews, features, the occasional guide, and bad jokes in Slack. Twist his arm, and he'll even write about a boring strategy game. Please don't, though.
Lire la suite »
Alex Morgan Is Back in Top Form. She Credits MotherhoodUSWNT forward Alex Morgan is entering her fourth WomensWorldCup at the top of her game. She credits motherhood
Lire la suite »
In an effort to surpass ChatGPT, Meta is open-sourcing its large language AI modelThe possibility for more AI tools, for free from Meta.
Lire la suite »
Large store set to close as new one opensA major Watford store that opened in 2021 is set to close next week, as a new one launches.
Lire la suite »