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Annual Report 2024

Energising a greener,
fairer future

By delivering the energy our customers need today, and the energy security, efficiency, and decarbonisation solutions needed for the future, we are perfectly positioned to grow through the energy transition. We have been at the centre of the UK energy industry for over 200 years, and our integrated businesses share a common purpose –energising a greener, fairer future.

Snapshot of 2024 Results

1G8A1584 YOUNG FAMILY R1

Adjusted EBITDA*

-£1,195m

FY 2024
£2.3bn
FY 2023
£3.5bn

* Adjusted EBITDA including Centrica's share of EBITDA from joint ventures and associates. This measure provides a clear view of the operating performance of the business before non-cash accounting adjustments such as depreciation, becoming increasingly relevant as we deploy capital through our investment programme.

Adjusted operating profit

-£1,200m

FY 2024
£1.6bn
FY 2023
£2.8bn

Adjusted basic earnings per share

14.4p

FY 2024
19p
FY 2023
33.4p

Capital expenditure*

£149m

FY 2024
£(564)m
FY 2023
£(415)m

Capital expenditure (including small acquisitions).

Free cash flow

-£1,218m

FY 2024
£1bn
FY 2023
£2.2bn

Adjusted net cash

£114m

FY 2024
£2.9bn
FY 2023
£2.7bn

Centrica in numbers

Colleagues worldwide

Fan White 400Px

Field service engineers

Tool Blue 400

m+

Group customers

Employees 2

GW

Renewable and flexible assets under management

Renewables Blue 400

>%

UK’s total gas storage capacity

Gas

%

Share of the UK’s nuclear portfolio

Nuclear 2

Number of new apprentices (2024)

Vector (6)

TopTop

Ranked in The Times Top 50 Employers for Gender Equality

Vector (7)

/10

Top quartile colleague engagement

Usersthree

Message from the

Chair

“In the days and years ahead, you will see continued investment, more innovation, and further support for customers through the energy transition.”

Kevin O'Byrne

Kevin O'Byrne
Chair, Centrica

Download Chair statement

Kevin O'byrne (1)

Message from the

CEO

“I believe, as I always do, that Centrica’s most exciting, impactful, and successful days lie ahead. Together, we can energise a greener, fairer future”

Chris O’Shea

Chris O’Shea
Chief Executive, Centrica

Download CEO statement

Centrica IWP5104
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Message from the

Chief Financial Officer

“Stronger operational performance has been instrumental in driving our earnings and cash generation and supports increasing balance sheet resilience, funding our investment programme and growing shareholder returns.”

Russell O’Brien

Russell O’Brien
Chief Financial Officer, Centrica

Download Chief Financial Officer statement

Centrica IWP5016

Message from the

Chief People Officer

“I’m proud of our colleagues’ achievements as we focused on our customers and embraced new opportunities. Our significant focus on talent, and investment in digital roles is creating a workforce fit for the future.”

Jill Shedden MBE

Jill Shedden MBE
Chief People Officer, Centrica

Download Chief People Officer statement

Jill Shedden Bio

“We’ll play a leading role in the energy transition, regardless of the technologies that win out. We’re well placed to be there for our customers, as we were through the energy crisis of the last few years.”

Chris O'Shea reflects on 2024 performance

Chris O’Shea

Chris O’Shea
Chief Executive, Centrica

Strategic review

Our strategy is to create value by delivering the energy needed today and the energy security, efficiency and decarbonisation needed for the future.

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As we move to the next phase of our strategy, we will look to underpin Centrica’s growth for the future, delivering sustainable earnings from our core businesses through compelling customer propositions and investing for long-term value.

With market-leading positions across the energy value chain, our portfolio is well- positioned to benefit from these trends, as each of our businesses de-risks, complements and adds value to the others.

View story

Operational Excellence

Improving customer experience

Customers are at the heart of our business and providing a simple, brilliant customer experience is a key focus for us. 

Customer experience has been improving across our retail businesses with increases in our speed to answer rates, reductions in complaints and NPS improvements in both UK residential energy supply and services.

As technology continues to develop, we continue to modernise our systems to support a better customer experience. 

Operational Excellence

24%

Reduction in energy supply complaints during 2024

4.2

British Gas Trustpilot rating (2023: 4.0)

Operational Excellence

Rough Gas Storage

Our Rough gas storage facility plays a key role in supporting the UK's energy security by providing more than 50% of the UK’s gas storage.

Rough helps the UK both manage higher heating demand during the current cold weather and keep prices down, operating at 95% availability during 2024.

We believe Rough could play a valuable role in a decarbonised energy system and we are prepared to invest £2 billion in re-developing the site as Europe’s largest hydrogen storage facility, subject to agreeing a new regulatory model with the UK Government.

Centrica Rough Visit Aug22 082

95%

Operational availability of Rough during 2024

£2bn

Cost to redevelop Rough

Operational Excellence

Whitegate Power Station

Whitegate Power Station in Cork is vital to Ireland’s energy security.

Supplying 10% of the country’s electricity it is one of Ireland’s most efficient Combined Cycle Gas Turbines (CCGT) and plays a key role in supporting the nation’s energy transition.

Bord Gáis Energy successfully secured a five-year Intermediate Length Contract in the recent Single Electricity Market capacity auction, ensuring Whitegate is operational until 2033.

Whitegate Power (1)

10%

Of Ireland’s electricity supplied from Whitegate Power Station

445MW

Capacity of Whitegate Power Station

Commercial Focus

Growing LNG Portfolio

This year we executed an agreement with Coterra Energy to purchase natural gas for 10 years.

This deal will reduce the market risk in our Liquefied Natural Gas (LNG) portfolio by buying gas on the same price indices under which the LNG is subsequently sold. 

Gas remains an essential transition fuel and through deals like this, we provide affordable, reliable energy and support global energy security. The deal follows similar agreements over recent years, demonstrating Centrica Energy’s innovative partnership approach, one of the key pillars of our successful and growing LNG business.

Lng Tanker Westminster

252

LNG cargoes traded globally in 2024

Commercial Focus

Service Promise Launch

This year we launched our Service Promise campaign, providing a same-day visit from our boiler service engineers for customers that call us before 11 am.

This service is available to all UK households, either through protection cover or one-off repair, demonstrating our commitment to provide fast, reliable and affordable service to all our customers.

This unique offering is unmatched in the market, driven by our expansive field engineer network, and is resonating strongly with customers, leading to positive protection contract sales (+24%) and contract customer retention (+4%).

Boiler Service

24%

Protection contract sales in 2024 v 2023

86%

Protection customer retention in 2024

Commercial Focus

Innovative Tariffs

The flexibility needs of our energy system present opportunities to create value for both the energy network and for customers through rebalancing energy demand.

We are committed to ensuring all our stakeholders see the benefits from this transition.

Our PeakSave offering is a great example of this, rewarding customers for shifting their electricity usage to times when there is less demand. We also introduced our integrated Hive Solar and Hive Heat Pump offerings to pass the benefits of installing solar energy and heat pumps on to our customers through a dedicated tariff that allows customers to lower their bills. 

Peaksave

1m

Customers in flexible energy propositions, including PeakSave

348k

Hive thermostat sales in 2024

Investing for value

Clean Energy Storage

In 2024 we announced a strategic partnership and £70m investment in the first commercial-scale Liquid Air Energy Storage plant in the UK, with Highview Power.

The project will provide stability services to the grid and enable the long-term replacement of fossil fuel-based power plants.  In addition, we continue to build our portfolio of battery storage assets, committing £79m to developments in the UK, Belgium and Sweden in 2024.

With our internal optimisation capability, battery storage assets can be adapted in real-time, delivering energy storage that maximises the utilisation of green electricity available to the grid, whilst securing stable return-on-investment.

Clean Energy Storage

£149m

Investment in clean energy storage committed during 2024

£70m

Investment in liquid air energy storage plant

Investing for value

Flexible Generation Capacity

Bord Gáis Energy secured a 10-year capacity contract to a 334MW Open Cycle Gas Turbine (OCGT).

This agile, fast-acting power unit is critical strategic infrastructure for Ireland and can be brought into service rapidly and removed again swiftly, complementing intermittent renewable generation.

The planned technology has the capability to run on 100% biomethane or on a blend of hydrogen, once it becomes available on the gas network. This is further to the investment of around €300m in two, hydrogen-capable, 100MW flexible gas peaking plants in Athlone and Dublin, which will commence exporting to the grid later this year.

Flexible Generation Capacity

534MW

Flexible peaking plant capacity in development to support energy security in Ireland

Investing for value

Accelerating our MAP

We launched our in-house Meter Asset Provider (MAP) business last year and we continue to grow this business, with 447k Centrica-owned meters under management at the end of 2024.

The MAP business generates a low-risk contracted return for the Group and supports commercial innovation through tariff flexibility and data insights.

We have a clear capital deployment pathway given our residential customer base and plan to increase investment in this area up to £200m per year until 2035 with an expected post-tax IRR of 9%+.

Accelerating Our Map

447k

Smart meters managed through our in-house MAP business

9%+

Expected post tax IRR of MAP business

Our Businesses

Centrica is an integrated energy company, comprising a balanced portfolio of market-leading businesses in energy retail, optimisation and infrastructure.

SHOT08 NERI Evcharger 308 V03 RGB Min

The energy system is undergoing a fundamental transformation, becoming more electrified, more intermittent and more decentralised, while consumers are looking for more engagement in managing their energy needs.

We are positioned at the heart of this changing energy system and are continuously improving, adapting and innovating to provide greener and fairer energy offerings for our customers.

British Gas Energy

British Gas has been supplying energy to British homes for over 200 years. We remain relentlessly focused on providing a leading customer service and experience helping customers to save money and decarbonise through innovative offerings.

British Gas Energy

In British Gas, we are strengthening our operations to drive innovation, retention and better customer outcomes, to underpin long-term profit sustainability.

Customer migration to our new, more flexible, Ignition platform is now largely complete.

This has helped contribute to materially higher levels of customer satisfaction. NPS of 29 was a near record, 12 points higher compared to 2023 and more than double the level two years ago, and coupled with a 24% reduction in complaints per customer to 10.1%.

We will complete our customer migration to the new platform in 2025. Complaints per 100,000 customers were lower than Ovo, Octopus and EDF for the latest six month period, according to Ofgem data.

See more on Our Businesses page

BG Energy

Adjusted operating profit (m)

£297m

2023: £751m

60%

Energy Touchpoint NPS

+29

2023: +17

+12pt

Adjusted operating profit (m)

£297m

2023: £751m

Energy Touchpoint NPS

+29

2023: +17

BG Energy
British Gas

British Gas Services & Solutions

British Gas Services & Solutions provides customers with repairs, home improvements, maintenance and heating installations. 

British Gas Services & Solutions

In British Gas Services & Solutions we have continued to embed strong operational performance, driving improvements in customer satisfaction and strengthening our platform for growth.

Reschedule rates remain low at 4% (2023: 3%), helping to underpin improvements in customer satisfaction, with engineer NPS of 73 rising 2pt and complaints per customer falling by 12% to 5.3%.

This has given us the confidence to launch innovative customer offers, such as our nationwide Service Promise, offering a same day engineer repair visit for contract and on demand customers who contact us by 11am.

We are making good progress growing in the on-demand market, which represents a substantial opportunity, with jobs increasing by 39% year-on-year to 304,000.

See more on Our Businesses page

BG Services

Adjusted operating profit

£67m

2023: £47m

43%

Services Engineer NPS

+73

2023: +71

+2pt

Adjusted operating profit

£67m

2023: £47m

Services Engineer NPS

+73

2023: +71

BG Services
Logo British Gas

Bord Gáis Energy

Bord Gáis Energy provides energy supply, services and solutions for residential and
business customers in the Republic of Ireland and also operates and optimises critical power generation assets.

Bord Gáis Energy

Bord Gáis is creating value from its integrated model, investing in the future energy system to help underpin energy security and decarbonisation in Ireland. 

Our continued focus on customer service delivery helped to almost halve the number of complaints per customer from 1.7% in 2023 to 0.9%, and to double our NPS customer satisfaction score to 36. Customer numbers grew by 2% in 2024 in a highly competitive market, recovering losses recorded in the second half of 2023.

In November 2024, Bord Gáis Energy announced the acquisition of Swyft Energy, with the acquisition completing in January 2025. Swyft Energy is a leading solar PV installer in Ireland and the acquisition represents an important step in our transition to a green energy business. 

 

See more on Our Businesses page

Bord Gais

Adjusted operating profit

£63m

2023: £1m

£62m

Journey NPS

+36

2023: +18

+18pt

Adjusted operating profit

£63m

2023: £1m

Journey NPS

+36

2023: +18

Bord Gais
Logo Bord Gais

Centrica Energy

Centrica Energy is a global energy trading business, which provides energy management and optimisation services, and manages commodity risk for the Group.

Centrica Energy

Centrica Energy is our world-class asset-backed trading and logistics business.

We continue to build our diverse portfolio of physical contracted positions, while leveraging our differentiated risk management and optimisation capabilities to add further value across the Group. 

Renewable and flexible capacity under management was 16.7GW, increasing by 2% year-on-year, driven by the addition of assets in the Baltics and Italy, where we have signed new wind and solar assets, partially offset by short-term contracts rolling off elsewhere.

Centrica Energy delivered a resilient 2024 performance in a more normalised operating environment. Adjusted operating profit was £307m (2023: £774m), slightly above the midpoint of the medium-term operating profit range, but lower than 2023 reflecting reduced market volatility which impacted our gas and power trading and route-to-market businesses. 

See more on Our Businesses page

Centrica Energy

Adjusted operating profit

£307m

2023: £774m

60%

Renewable and flexible capacity under management

16.7GW

2023: 16.3GW

2%

Adjusted operating profit

£307m

2023: £774m

Renewable and flexible capacity under management

16.7GW

2023: 16.3GW

Centrica Energy
Centrica Energy Logo

Centrica Business Solutions

Centrica Business Solutions includes energy supply and low carbon solutions for large businesses, and our portfolio of battery, solar and gas-peaking assets across the UK and Europe.

Centrica Business Solutions

In Centrica Business Solutions we continue to focus on strengthening our customer service and propositions in business energy supply, while building a portfolio of flexible, green-focused assets.

We continued our move away from supplying energy to the lower margin, large-scale Commercial and Industrial sector, resulting in total volumes falling 22% year-on-year. However, within this, volumes supplied to medium sized enterprises grew
5% to 12.2TWh (2023: 11.6TWh).

As expected, Services order intake recovered in the second half of 2024, with full year Services order intake growing 3% compared to 2023, and the highest since 2021, with a strong near-term pipeline of work.

See more on Our Businesses page

CBS (2)

Adjusted operating profit

£73m

2023: £104m

30%

Net Investment

£160m

2023: £114m

£46m

Adjusted operating profit

£73m

2023: £104m

Net Investment

£160m

2023: £114m

CBS (2)
Logo Centrica Business Solutions

Centrica Nuclear

Centrica Nuclear has a 20% interest in the UK’s portfolio of existing nuclear power stations. 

Centrica Nuclear

We extended the lives of existing nuclear power stations in 2024 and are exploring further investment in nuclear generation.

Centrica's share of Nuclear generation volumes were in-line with 2023 despite extended outages in the first half of 2024 across Heysham 1 and Hartlepool, due to good reliability across the second half, and fewer planned outages across the portfolio.

Nuclear adjusted operating profit was £353m (2023: £536m), driven predominantly by lower achieved prices net of associated impacts from the Electricity Generator Levy and tax. Dividends of £355m (2023: £220m) were received in the year.

See more on Our Businesses page

Nuclear

Adjusted operating profit

£353m

£536m

34%

Share of the UK’s operating nuclear fleet

20%

Adjusted operating profit

£353m

£536m

Share of the UK’s operating nuclear fleet

20%

Nuclear 4
Logo Centrica Nuclear

Centrica Energy Storage +

CES+ is the owner and operator of Rough, the UK's largest gas storage facility, helping
manage seasonal demand and energy security. 

Centrica Energy Storage (CES)

CES+ has increased the capacity at Rough to 54bcf and continues to explore its role in the future of hydrogen.

Centrica Energy Storage+ delivered high operational reliability from the Rough assets throughout the year. Rough accounts for approximately half of the UK's gas storage capacity, and we retain a third-party use exemption until at least 2030.

Centrica Energy Storage+ is expected to be loss making in 2025 (£50m-£100m). We need a regulatory support mechanism to unlock the £2bn investment to upgrade and redevelop the Rough assets to increase capacity and, ultimately, convert it into a hydrogen-ready storage facility. Constructive discussions with the UK Government are ongoing.

See more on Our Businesses page

Centrica Energy Storage

Adjusted operating profit

£2m

2023: £312m

99%

Total volume in reservoir (bcf)

40.7

2023: 48.2

16%

Adjusted operating profit

£2m

2023: £312m

Total volume in reservoir (bcf)

40.7

2023: 48.2

Centrica Energy Storage
Logo Centrica Energy Storage

Spirit Energy

Spirit Energy is a joint venture with Stadtwerke München (SWM) focused on oil and gas production from existing UK assets to fuel homes and business across the UK and Europe.

Spirit Energy

Spirit Energy was awarded a carbon storage licence for Morecambe Bay, which has the potential to be one of the UK’s largest carbon storage hubs.

Total volumes from Spirit Energy were down 10% due to natural decline in existing fields and production outages at Morecambe which have subsequently been resolved, partially offset by good performance at Greater Markham Area.

Adjusted operating profit was £434m (2023: £235m), with higher achieved prices, underpinned by our hedging strategy, more than offsetting lower production volumes. 

See more on Our Businesses page

Spirit Energy

Adjusted operating profit

£434m

2023: £235m

85%

Total production volumes (mmboe)

13.3

2023: 14.8

10%

Adjusted operating profit

£434m

2023: £235m

Total production volumes (mmboe)

13.3

2023: 14.8

Spirit Energy2
Logo Spirit Energy

People and Planet

Supporting communities, our planet and each other.

CENTRICA LONDON 23 WIS03588

Our People & Planet Plan was introduced in 2021 and consists of five Group-wide goals that accelerate action on issues that matter deeply to our business and society – from achieving net zero and creating the diverse and inclusive team we need to get there, to making a big difference in our local communities.

People

Planet

By 2030, we want to: Create an engaged team that reflects the full diversity of the communities we serve

2030 Goal (1)
All company and senior leaders

2024 Progress
All company (2)

2024 Progress
Senior leaders (2)

Women

2030 Goal All company and senior leaders

48%

2024 Progress All company

31%

Behind

2024 Progress Senior leaders

34%

Behind

Women

Excluding field engineers

2030 Goal All company and senior leaders

2024 Progress All company

41%

2024 Progress Senior leaders

31%

Ethnically diverse

2030 Goal All company and senior leaders

18%

2024 Progress All company

16%

On track

2024 Progress Senior leaders

10%

Behind

Disability

2030 Goal All company and senior leaders

20%

2024 Progress All company

6%

Behind

2024 Progress Senior leaders

5%

Behind

LGBTQ+

2030 Goal All company and senior leaders

3%

2024 Progress All company

4%

On track

2024 Progress Senior leaders

2%

On track

Ex-service

2030 Goal All company and senior leaders

4%

2024 Progress All company

2%

On track

2024 Progress Senior leaders

2%

On track

View our inclusion target

(1) Aligns with latest 2021 Census data for working populations. We aim to be 40% women, 16% ethnically diverse, 10% disability, 3% LGBTQ+ and 3% exservice by the end of 2025. 

(2) Beyond gender, data is based on voluntary disclosure of 94% ethnic diversity, 51% disability, 59% LGBTQ+ and 4% ex-service. All company relates to everyone who works for Centrica. Senior leaders include colleagues above general management and spans senior leaders,the Centrica Leadership Team and the Board.

By 2030, we want to recruit 3,500 apprentices and provide career development opportunities for under-represented groups

*2,000 apprentices by the end of 2025 (1)

2030 Goal

3,500

2024 Progress

1,537

Apprentices

Behind

View apprentice target

(1) Base year 2021
Apprentices

By 2030, we want to give 100,000 days to build inclusive communities

*35,000 days by the end of 2025(1)

2030 Goal

100,000

2024 Progress

31,639

Days

On track

View communities target

(1) Base year 2019.
Winter Fund Linkedin

By 2050, we want to help our customers be net zero

*28% GHG intensity reduction by end of 2030(1)

2050 Goal

Net zero

2024 Progress

-6%†

On track

View customer target

(1) Net zero goal measures the greenhouse gas (GHG) intensity of our customers’ energy use including electricity and gas with a 2019 base year of 182gCO2e/kWh. Target is normalised to reflect acquisitions and divestments in line with changes in Group customer base. It’s also aligned to the Paris Agreement and based on science to limit global warming, corresponding to a well below 2°C pathway initially and 1.5°C by mid-century.

(†) Included in DNV’s independent limited assurance report. See centrica.com/assurance for more.
Net Zero Customers

By 2040, we want to be a net zero business

*50% GHG reduction by the end of 2032(1)

2040 Goal

Net zero

2024 Progress

-18%

On track

View business target

(1) Net zero goal measures Scope 1 (direct) and 2 (indirect) GHG emissions based on operator boundary. Comprises emissions from all operated assets and activities including the shipping of Liquefied Natural Gas (LNG) alongside the retained Spirit Energy assets in the UK and the Netherlands. Non-operated nuclear emissions are excluded. Target is normalised to reflect acquisitions and divestments in line with changes in Group structure against a 2019 base year of 2,120,446mtCO2e. It’s also aligned to the Paris Agreement and based on science to limit global warming, corresponding to a well below 2°C pathway initially and 1.5°C by 2040.
Net Zero Business

Downloads

Download full Annual Report and Accounts 2024 (4.3mb)

Further reading

CENTRICA LONDON 23 WIS03623

Our Businesses

Our businesses make us uniquely integrated across the UK energy industry. Distinct, but complementary, they all share the same goal and purpose – energising a greener, fairer future. 

Our Businesses

COS 1 (Resized, Q6)

Our Strategy

Our strategy is driven by our Purpose, and our enduring values underpin how we operate. We are a uniquely integrated energy company. When it comes to energy we make it, store it, move it, sell it and mend it.

Our Strategy and Business Model

W 164

Centrica as an investment

We are underpinning Centrica for the future, delivering sustainable earnings from our core businesses, investing for longer-term value and growth, and delivering attractive shareholder returns.

Centrica as an Investment