Centrica to Relocate Most Trading Staff to Central London
Britain's largest energy supplier, Centrica (CPYYY), will relocate most of its energy trading staff to a central London location from its Windsor headquarter this year, a spokesman said on Thursday.
About 150 of Centrica Energy Marketing and Trading's (EM&T) 250 staff will move to an office on London's Oxford Street as the company aims to cut travelling costs, the spokesman said.
"A move to London puts our Energy Marketing and Trading teams closer to counterparties. Most of these are in central London, so it makes sense to relocate the teams there."
Centrica's staff relocation comes at a time when it is cutting jobs elsewhere. Last year it announced plans to shed 6,000 jobs by 2020 to reduce costs as its energy production business faces intense pressure from weak oil, gas and electricity prices.
The company's EM&T teams trade gas, power and related commodities, including oil, gas and electricity produced from its own fields and stations. The business also sources electricity and gas for Centrica's British Gas retail arm.
Other large energy traders active in the British market, such as EDF Trading and RWE Supply & Trading, already have large trading teams in London.
(Reporting by Karolin Schaps)
