Centrica, the parent of Direct Energy, issued a trading statement which included a brief update on its U.S. businesses

Centrica in the trading statement said that, "Trading conditions for our commodity exposed customer-facing businesses continue to be highly competitive in the UK, Ireland and North America. Market volatility and extremes of weather have also been challenging in 2018, including in the third quarter in the US North East, but the Group has managed this effectively with its strong energy risk management and optimisation capabilities."

"Against this backdrop, the Company is seeing encouraging results from the integration of energy with our non-commodity propositions of in-home servicing, other peace-of-mind offers, home energy management and home automation for consumers, and energy insight, energy optimisation and energy solutions for business customers. This underscores the changes in customer needs which Centrica is now capable of addressing and growth rates in both Connected Home and Distributed Energy & Power continue to be attractive," Centrica said in the trading statement

Across all markets, Centrica said that it has seen 280,000 new Connected Home customers added and 767,000 products sold since the start of the year. Connected Home gross revenue was up 50% for the ten months to the end of October and up 74% for the four months to the end of October compared to the same periods last year.

Centrica said that despite ongoing competitive trading conditions, and impacts in its wholesale and upstream businesses, the Company continues to expect to achieve its Group targets for 2018 as set out in the Preliminary Results in February. 2018 financial performance remains subject to the usual variables of weather patterns, commodity prices and operational and commercial performance in November and December.

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Centrica   Direct Energy  

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