Since 2020, we've materially simplified and taken the risk out of our portfolio. We strengthened our balance sheet, and focused relentlessly on improving our operational performance.

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.

We are a uniquely integrated energy company.

We expect to deliver around £800m of sustainable adjusted operating profit on average each year from our Retail and Optimisation activities. The exact number and mix may flex with market conditions in any given year.

Through our new Investment Plan, we will invest between £600m - £800m a year until 2028 in renewable generation, security of supply, and our customers.

2023 08 15 11 45 29 2023 Interim Results Centrica Plc 11:08 video

Centrica Interim Results | Creating value through the energy transition

Renewable generation. This could be in our own projects, like the recently operational 18 MW Codford Solar project, or by investing with partners. We can add value to these projects through the other businesses within our portfolio.

Security of supply and flexibility. We have experience in batteries and gas-peaking plants, and we already own a range of sites with valuable grid connections.

Customers. We’ll also invest in customer activities to cement our leading market positions and unique workforce. We will invest in our own Smart Meter Asset provision and we will consider further opportunities such as financing or leasing heat systems to households.

Any large-scale investment such as converting Rough would be additional to the investment outlined above.

Our Strategy in Numbers

~£800m

sustainable operating profit from Retail and Optimisation with additional material cashflows from infrastructure

£600m-£800m

annual investment until 2028

2.6GW

development pipeline of flexible and renewable projects

<1x

net debt/EBITDA

“The new green investment strategy we've announced will see us invest several billion pounds in the energy transition, creating thousands of new well-paid jobs. Our robust balance sheet has allowed us to invest heavily in the UK and Ireland's energy security and will make sure that our customers have cleaner energy at the right price.”

Chris O'Shea, Group Chief Executive