Energy Sector

Centrica secures controlling stake in Venture Production

Britain's largest utility group, Centrica has emerged as the winner in its £1.3 billion hostile battle for North Sea gas producer Venture Production.

Centrica declared that it controlled over 50% of the Aberdeen-based company's shares, putting the takeover battle to an end.

Centrica launched the bid in order to boost its gas production and trim down its dependence on the volatile wholesale market.

British Gas and E.ON pursuing price war

A price war being pursued by the energy companies has of course cheered customers.

British Gas and E. ON have trimmed down their dual tariffs. As British Gas Unveiled Web Saver 4, pricing £993 per year on an average, E. ON released FixOnline 3, which costs £984 per year, cheaper by £10 than Web Saver 4. Under the E. ON tariff plan customers can fix their prices until 1 Dec. 2010. It may be noted here that earlier in 2009, British Gas slashed gas as well as electricity bills by 10 per cent after lifting them by 26 per cent in 2008.