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British Gas posts strong results, shelves Caythorpe storage plans British Gas has posted strong first half results, adding 223,000 residential accounts in the first six months of the year with profits up 98 per cent to £585 million from £295 million for the period largely due to the cold winter and lower spot gas prices. While residential gas market share remained steady at 43.5 per cent, the firm's electricity market share rose by 1.5 percentage points to 25.1 per cent of the UK market. Average gas consumption was up 8 per cent with electricity 2.7 per cent higher than the first six months of 2009. British Gas also announced it has shelved plans to build a major onshore gas storage facility at Caythorpe, stating that Ofgem's indication that it may revoke the existing Third Party Access exemption - i.e. let other suppliers use the facility - is behind its decision not to proceed. However the company is still investigating the feasibility of two offshore storage projects, Baird and Bains, and will decide whether to proceed with one or both next year. On its service business, British Gas said a further 50,000 households had bought both energy and services and that it had filled over a third of the 1,100 new jobs announced as part of its insulation business roll out. Source: Utility Week © Faversham House Group Ltd 2010. News articles may be copied or forwarded
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