Shares in Centrica have dropped 8 per cent in morning trading after the owner of British Gas announced that it has lost 372,000 home energy customers in the four months to the end of October.
The figure represents a 3 per cent drop in Centrica’s 12.5m home gas and electricity accounts from June this year.
Iain Conn, Centrica’s chief executive, added: “Our efficiency delivery and new customer propositions are helping to offset the effects of strong competition and regulation in energy supply.”
Centrica has also warned that Ofgem’s incoming default tariff energy price cap will hit earnings by around £70m in the first quarter of 2019.
It stated: “As previously indicated, we expect the price cap to result in some negative near-term impact on earnings and cash flow, particularly in 2019 before we have fully realised planned cost efficiencies.”