Strong performances in its Energy Marketing and Trading (EMT) division and the global LNG market contributed to Centrica recording a £3.3bn profit in 2022.
Centrica said LNG profits were despite forward selling all cargoes from its Cheniere contract for 2022 delivery in times of lower geographical price spreads, as large differentials between US and European gas prices provided opportunity to capture additional value.
In total, it traded 284 physical cargoes last year and signed a Heads of Agreement with Delfin to take 1m tonnes of LNG from their floating facility in the Gulf of Mexico, with a final agreement being worked up and operations expected to commence in 2026. Total Energy Marketing and Trading (EMT) operating profit totalled £1.4bn, up 70% on 2021.
In addition to capacity at the Isle of Grain regassification facility and its long term US export contract with Cheniere, the company has been building up a number of medium term
positions that de-risk and optimise the overall LNG portfolio.
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