CEO of Ovo's retail division, Raman Bhatia, states that the company is poised to create more value for its customers by investing in decarbonization technology and services.
- Jul 21, 2023, 11:00 AM CDT
The profit decline is blamed on rising energy costs and volatile gas prices, reflecting instability in commodity markets since the post-pandemic demand surge and supply squeeze.Ovo Group shareholders have raised their stakes in the company in transactions worth £200m, which has been announced the same day the company revealed a hefty downturn in profits amid higher hedging costs for buying gas.
Raman Bhatia, chief executive of Ovo’s retail division, argued the investment highlighted the company’s “potential for growth” as the company grows and innovates, despite challenging market conditions as the sector recovers from the energy crisis which saw 30 suppliers collapse. However, the company expected this to have “no cash impact” and “will reverse in future periods when customers use this energy”.
Dozens of energy firms collapsed between late 2021 and early 2022, exposed by a lack of hedging, including the de-facto nationalisation of Bulb Energy for nearly a year, which was home to 1.6m customers.and while markets have since eased, suppliers are still facing higher costs to meet hedging requirements.begun contingency measures including its potential nationalisation amid concerns over its financial vulnerability.
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