Over the last week, the company’s share is showing extra volatility and eventually traded nearly at the same price. On July 7, the price per share was 52.78 GBP and over the recent days, it was dropping to 51.60 GBP and finally levelling at 52.66 GBP. This year’s share is 10% up and investors even make a profit in the short term perspective.
Centrica is planning to start a £1.6 billion renovation of its Rough gas storage complex in the North Sea, which will allow it to store hydrogen instead of methane. British Gas’s FTSE 250 owner claims that repurposing the 18-mile-off-the-coast-of-Yorkshire property may create 3-4,000 jobs during development and assist build the hydrogen market to help meet climate targets.
Due to issues with its ageing infrastructure, Centrica opted to close Rough, the UK’s largest gas storage site, in 2017, however, it has continued to produce what is left in the field. Following a 70% drop in Centrica’s share price under his predecessor, Iain Conn, CEO Chris O’Shea is attempting to rebuild the company.