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- Absolute emissions
The total of our scope 1 and scope 2 emissions, as defined under the Greenhouse Gas Protocol
- ACS - Nationally Accredited Certification Scheme
Nationally Accredited Certification Scheme for Gas Businesses and Individual Gas Fitting Operatives. Any person or business wishing to do gas work has to prove their competence, after which they have also to register with the Gas Safe RegisterTM which from 1 April 2009, has replaced the CORGI gas registration scheme in Great Britain.
- Additionality
If an action leads to a genuine reduction in emissions, over and above business as usual, the benefit to the environment will be 'additional'. However, if an emissions reduction project would have happened anyway then no real difference to emissions would be made as a result and it couldn't be considered 'additional'. For example, if a consumer buys renewable energy which was going to be produced anyway, or invests in a carbon-offset project which was already going to happen, then the consumer is not helping to reduce emissions.
Debates over the additionality of projects are important to ensure that environmental claims make a genuine difference to emissions. Without this concept people might believe that they are benefiting the environment through their actions when actually they have no impact.
We offer a green tariff, Sustainable Energy, which is certified as creating an additional benefit to the environment by the Green Energy Supply Certification Scheme.
- Assets
Everything a firm owns.
- Auditor
An independent firm or person who checks the accounts against agreed standards.
- Bad debts
Amount owed to a firm by a customer that won't be recovered.
- Baseload
Baseload power is the minimum amount of power required to meet the demands based on reasonable expectations of customer requirements.
- bcf
bcf stands for billions of cubic feet of gas. The UK consumes over 3000bcf every year in homes, businesses and power stations.
- Borrowings
Bank overdrafts, loans and bonds issued in sterling and other major currencies with maturity dates between 2012 and 2033.
- Biomass
Biomass is one of the oldest sources of renewable energy; it is biological material that is derived from living or recently living organisms. For power generation, this is generally plant-based material such as timber based products in various forms or fast growing energy crops (e.g. willow, poplar and Miscanthus).
- Biomethane
Biomethane is a mixture of gases (predominantly methane) that are sourced from organic material, such as cattle slurry, food and household waste. Also known as biogas, it is produced by a process called anaerobic digestion, where bacteria breaks down the organic material. Biomethane from all sources will make a contribution to decarbonising the gas grid by delivering renewable heat to households through the existing gas network and central heating boilers. According to a study by National Grid, it could account for at least 15% of the domestic gas market by 2020.
- Bought ledger
Contains records about purchases.
- British Gas Energy Trust
The British Gas Energy Trust, which incorporates the Scottish Gas Energy Trust, is an independent Charitable Trust established by British Gas in 2004. The Trust receives funding solely from British Gas but operates independently, providing British Gas customers as well as the wider public with help in paying energy and other household bills as well as assistance in applying for grants. The Trust also funds voluntary sector organisations to provide money and fuel debt services.
Further details can be found at: www.britishgasenergytrust.org.uk
- Capital
The money invested into a firm by shareholders.
- Carbon capture and storage (CCS)
Carbon capture
This is the removal of CO2 from fossil fuels either before or after combustion.
Carbon storage
Sometimes called carbon sequestration, this is the long-term storage of carbon or CO2. In nature, large forests and oceans act as carbon 'sinks' and help to remove carbon dioxide from the atmosphere. Artificial sequestration, such as injecting CO2 into geological formations (often under the seabed), requires technology such as carbon capture and storage.
Estimates suggest that carbon capture and storage could reduce carbon emissions by 80-90% from a power station. Carbon capture and storage can be referred to as CCS.
- Carbon credit
A credit or permit from a greenhouse gas emissions reduction scheme, such as emissions trading, Joint Implementation (JI) or Clean Development Mechanism (CDM). See carbon trading.
- Carbon Emissions Reduction Target (CERT)
The CERT scheme ended in December 2012 and was an obligation on the major energy suppliers to improve domestic energy efficiency, which replaced the Energy Efficiency Commitment (EEC). Suppliers were required to deliver twice the energy savings under CERT as they did under EEC. The main objective of CERT was to achieve carbon reductions in order to tackle climate change but there was also a focus on delivering energy efficiency measures to low-income customers and to encourage behavioural change. The scheme originally ran from 2008-2011, but was extended until December 2012. This extension increased the carbon targets by a further 20%, and put in place minimum sub targets for installing insulation, and to target measures to the most vulnerable households. At the end of the scheme in 2012, British Gas narrowly missed the target by a shortfall of 1% which was subsequently delivered in early January. In January 2013, CERT was replaced by the UK Government's Energy Company Obligation (ECO) and the Green Deal, which focus on vulnerable customers.
- Carbon footprint
A carbon footprint is a measure of greenhouse gas emissions, usually expressed in carbon dioxide units. You can calculate the carbon footprint of a product, an individual or an organisation, for a single activity or over a period of time.
- Carbon intensity
Carbon intensity measures the volume of carbon dioxide emitted per unit of electricity generated. This allows you to compare the efficiency of two differently sized companies doing similar things, which a carbon footprint comparison would not.
We calculate our carbon intensity based on the average annual emissions from all wholly owned power generation assets and all other power generation assets from which Centrica is entitled to output under site-specific contracts.
- Carbon offsetting
Carbon offsetting involves calculating a carbon footprint and then investing in a project that reduces greenhouse gases emissions into the atmosphere by an equivalent amount. To be effective, an offset must be additional (See Additionality).
- Carbon Reduction Commitment (CRC)
The CRC Energy Efficiency Scheme is a mandatory scheme to improve energy efficiency and therefore cut CO2 emissions in large public and private sector organisations. These organisations are responsible for around 10% of the UK's CO2 emissions. The scheme features a range of reputational, behavioural and financial drivers which aim to encourage organisations to develop energy management strategies that promote a better understanding of energy usage.
- Carbon trading
Carbon trading controls carbon emissions by putting a limit on total emissions from certain activities or sectors. This puts a price on carbon and creates a market whereby participants can trade their carbon allowances. Allowances are initially allocated, perhaps through a free distribution or through an auction. The carbon price provides an economic incentive to reduce emissions and allows for any reductions to take place at the lowest cost across the scheme. The limit on total emissions is adjusted periodically, see Carbon credit.
- Cash book
A record of a firm's cash and bank accounts.
- Clean coal technologies (CCTs)
CCTs make using coal as a power source more environmentally satisfactory. There are significantly higher greenhouse gas emissions for each unit of electricity produced by coal-fired generation than there are for alternative methods of generation. CCTs involve reducing the carbon emissions per unit of energy generated from coal.
- Clean Development Mechanism (CDM)
CDM is defined within the Kyoto Protocol. The CDM rewards with Certified Emission Reductions (CER) investments in projects that reduce emissions in developing countries; each CER is each equivalent to one tonne of CO2. These CERs can then be used by industrialised nations to meet their emissions targets as part of the Kyoto Protocol. The CDM is governed by the UN's CDM Executive Board (CDM EB), which makes sure that accredited projects deliver real and enduring emissions reductions. Operators covered by the European Union Emissions Trading Scheme (EU ETS) can use a limited number of CERs for their annual compliance with the Scheme.
- Climate Change Agreement
This is an agreement between the Government and a business user in an energy-intensive industry, where the user commits to reducing energy usage or carbon emissions in return for paying a lower Climate Change Levy.
- Climate Change Levy (CCL)
CCL was introduced by the Government in 2001 following the Kyoto Protocol, as part of its commitment to tax non-domestic energy use. The CCL aims to promote energy efficiency and reduce greenhouse gas emissions. From April 2013, businesses that have Climate Change Agreements with the Government can start claiming CCL discount at the revised rate of 90% for electricity and 65% for other fuels. Other exemptions from the CCL include renewable electricity sold under a renewable source contract and energy sold to charities for certain activities. Gas and electricity suppliers are responsible for charging CCL to their business customers and then paying the Government.
- Combined cycle gas turbine (CCGT)
A combined cycle gas turbine uses a gas turbine generator to generate electricity and waste heat in the exhaust is recovered and is used to make steam to generate additional electricity via a steam turbine; this last step enhances the efficiency of electricity generation. All our gas-fired power stations are CCGT plants.
- Combined heat and power (CHP)
Combined heat and power (CHP) is a technology that generates electricity and heat at the same time. This is different to conventional power stations, where the heat produced is wasted.
- Commodity prices
The prices of raw materials and primary products for example wholesale gas.
- Community Energy Saving Programme (CESP)
The CESP obligation ran from 1 October 2009 and concluded in December 2012. The scheme was a joint funded initiative between Government, energy suppliers and power generators that targeted households in areas of social deprivation to improve energy efficiency and reduce fuel bills. The programme was delivered through community-based partnerships between Local Authorities, community groups, and energy companies in a house-by-house approach to ensure energy-efficiency measures are best suited to an individual property or area. At the end of 2012, British Gas had delivered 3.5 million tonnes of lifetime carbon savings under CESP but due to bad weather, missed the CESP target and will complete the shortfall in 2013. In January 2013, CESP was replaced by the UK Government's Energy Company Obligation (ECO) and Green Deal (see Energy company obligation and Green Deal).
- Cost of sales
Total cost of buying goods for resale.
- Counterparty
One of the opposing parties involved in a transaction.
- Credit rating
A rating from an independent institution that assess creditworthiness or the credit risk, and provides credit ratings that are publicly available and used by investors as well as analysts as a guide for investment decisions in regard to relative credit standing or strength. (examples of credit rating agencies, Standard & Poor's and Moody's Investor Service).
- Currency fluctuations
The ongoing changes between the relative value of the currency issued by one country when compared to a different currency. Currency fluctuations may appear as both upward and downward movements. Our profitability could be adversely affected because of currency fluctuations against pounds sterling, which is the reporting currency of the Group. Our main exposure is in US and Canadian dollars and euros.
- Current ratio
It is the ratio of a company's current assets to current liabilities. It is a general indication of the solvency of a company, the adequacy of its working capital, and its ability to meet day-to-day calls upon it.
- Customer-Led Network Revolution (CLNR)
Established in 2011, the CLNR is the UK's largest smart grid project of which British Gas is one of four lead partners. The £54m project established by the UK energy regulator Ofgem, will help electricity customers across the country to reduce their carbon emissions over a three year period and will assess the affect of low carbon and microgeneration technologies on the electricity grid in order to ascertain how key challenges can be overcome to support the development of smart grid technology and assist in creating a low economy.
- Depreciation
Loss of value of assets through wear and tear.
- Derivative financial instruments
A mechanism, such as an option, futures contract, or swap, of which the criteria and value are determined by those of an underlying asset such as a stock, currency, or commodity. Derivatives are used extensively in the hedging of financial and treasury risks.
- Distributed generation
This refers to electricity generation, usually on a relatively small scale, that is connected to the distribution networks rather than directly to the national transmission systems. At a community level this could include combined heat and power (CHP generation). At a domestic level, this could include solar panels.
- Diversify
Moving into another area of business.
- Dividend cover
Dividend cover takes into account all aspects of trading, tax and finance, from the ordinary shareholders' point of view. Dividend cover can also be calculated using cash flow in place of profit.
dividend cover =
Profit attributable to shareholders
divided by: Dividends
- Dividend yield
This measure shows shareholders how much income they receive in relation to the current share price. Analysts will sometimes predict dividend growth and calculate a prospective dividend yield.
dividend yield =
Gross dividend per share
divided by: Share price
- Dividends
Share of profits paid to shareholders twice yearly as an interim dividend and a final dividend.
- Earnings per share (EPS)
This is an important ratio, signalling the growth in earnings attributable to the ordinary shareholders for each share they hold. It must be disclosed at the bottom of the profit and loss account for listed companies such as Centrica.
Profit after tax
divided by: Weighted average ordinary shares in issue
- Economies of scale
These result in the company benefiting from a reduction in the average cost per unit.
- Emissions reduction units (ERUs)
ERUs are tradable credits awarded to emission reducing projects that take place under the Joint Implementation (JI) project. JI projects operate in a similar manner to those under the Clean Development Mechanism but take place in developed countries. One Emission Reduction Unit (ERU) equates to an emission reduction of one tonne of CO2 equivalent.
- Emissions trading (EU ETS)
The EU Emissions Trading Scheme (ETS) began in January 2005 and is a form of carbon trading using carbon allowances. The scheme covers around 45% of all EU emissions and includes power generation and industrial manufacturing plants across the EU, limiting the total amount of carbon dioxide emissions allowed. Each site must submit an allowance for every tonne of carbon dioxide emitted. We are a major trader in the scheme and a strong supporter of the ETS as we believe it remains the cornerstone mechanism for reducing emissions across the EU. Phase III of the EU ETS began in 2013 and will run until 2020. During this period, a centralised EU-wide cap on emissions will be set and the 'cap' will decline by at least 1.74% a year, so that emissions in 2020 will be at least 21% below their 2005 level.
- Energy Company Obligation (ECO)
In January 2013, ECO took over from the existing obligations made through the Carbon Emissions Reduction Target (CERT) and the Community Energy Saving Programme (CESP), which expired in 2012. The ECO requires energy suppliers to improve the insulation of harder to treat properties in the domestic sector and to invest resources in reducing heating costs for vulnerable households. It will therefore continue to support the reduction of energy bills for fuel poor households which will play an important part in the UK meeting its carbon emissions and fuel poverty targets.
- Energy mix
The Energy mix refers to a composition of energy sources. If for example, an energy company had renewable, coal, gas and oil assets, these sources of energy would form their overall energy mix.
- Energy Performance Certificate (EPCs)
EPCs give information on how to make your home more energy efficient and reduce carbon dioxide emissions. The certificate provides an energy efficiency rating for the property on a scale of A to G, with A being the most efficient with lower running costs and G being the least efficient with higher running costs. EPCs also contain a recommendation report with suggestions to reduce energy use and carbon dioxide emissions. Since 4 January 2009 all homes in the UK that are built, sold or rented require an EPC.
- Energy Ombudsman
The energy Ombudsman is an independent organisation set up to resolve disputes and disagreements between energy companies and their domestic and small business customers. The Ombudsman becomes involved in complaints in the following situations: 1) 8 weeks have passed after a complaint to an energy company has been made and it has not been sufficiently addressed; 2) the company has issued a final letter to say it will no longer be handling the complaint; 3) there have been difficulties in contacting the energy company and registering a complaint. For more information, see the energy Ombudsman website.
- Energy Services Directive (ESD)
The ESD aims to promote energy efficiency in the UK by developing a market for energy services and delivering energy efficiency programmes and measures to energy end users. The Directive's full name is the EC Directive on Energy End Use Efficiency and Energy Services. The ESD focuses on market actors and institutions rather than specific technologies or measures. It applies to providers of energy efficiency measures, energy distributors, distribution system operators and retail energy sales companies; and all energy users except those involved with the EU carbon emissions trading scheme.
The main requirements of the Directive are:
- national indicative energy savings target of 9% by 2017
- public sector to fulfil an exemplary role in meeting the target
- to place obligations on energy suppliers and distributors to promote energy efficiency
- requirements on metering and billing to allow consumers to make better informed decisions about their energy use
- Energy Retailers Association (ERA)
The ERA was formed in 2003 and represents the major electricity and gas suppliers in the domestic market in Great Britain. All the main energy suppliers, operating in the residential market, in Great Britain are members of the association.
The ERA works closely with government, NGOs, charities and other organisations in England, Scotland and Wales to ensure a coordinated approach to dealing with the key issues affecting our industry and the British consumer.
For further details - www.energy-uk.org.uk
- Equity assets
Shareholdings held in stock market listed companies.
- Equity share
Equity share refers to the proportion which Centrica owns. For example, we may take 100% of power from a facility but only own 50% it. That would make our equity share 50% and our offtake 100%.
- Essentials
Essentials is the name we give to the package of support measures available to our vulnerable customers. Following the launch of the government's Warm Home Discount Scheme (WHD) in 2011, this programme is now closed to new applicants and existing essentials customers transferred onto the mandatory WHD scheme, subject to eligibility. The programme included a discounted tariff and offers benefits assessments and access to free impartial debt advice, energy efficiency products and a range of extra help from our charity partners. Customers can also access free insulation. Further details are available on the British Gas website.
- Expenditure
Costs flowing out of the firm.
- Factoring
A method of financing in the recovery of debts.
- Fair Billing Charter
Launched in 2011, the Fair Billing Charter is designed to support UK small businesses by making improvements in accurate billing a priority. The Charter details the rights and responsibilities of both the customer and British Gas and advises business customers on how to be more 'energy conscious' in their fuel consumption and whether they are being billed correctly.
Further details can be found at: http://www.britishgas.co.uk/blog/articles/british-gas-launches-fair-billing-commitment-for-businesses-2
- Feed-in Tariff (FIT)
A FIT is a payment via energy suppliers to people who generate their own electricity through microgeneration technologies such as solar panels and wind turbines. It is intended to help finance the cost of small-scale, locally-generated power. See Ofgem's website for more information and latest rates: http://www.ofgem.gov.uk/Sustainability/Environment/fits/tariff-tables/Pages/index.aspx
- Fixed rates
Interest rates on loans fixed for the period of the loan.
- Fuel cells
Fuel cells produce heat and electricity from hydrogen and air. Since the fuel cell relies on chemistry and not combustion, emissions from this type of a system are much smaller than emissions from the cleanest fuel combustion processes. These can be used for stationary power generation (microCHP), transport (replacing the internal combustion engine) and portable power (replacing batteries in mobile phones).
- Fuel Mix Disclosure (FMD)
FMD regulations oblige all UK suppliers to calculate and publish the fuel source (eg coal, gas, nuclear, wind) and indicative CO2 emissions of all the electricity they supply between 1 April and 31 March. This includes electricity generated by the supplier and electricity bought from other generators, either through contracts or in the marketplace. It is different to the proportion (mix) of energy sources that we use to generate electricity ourselves.
- Fuel poverty
The common definition of a fuel poor household is one which has to spend more than 10% of household income to achieve adequate heating (21 degrees Celsius in the living room and 18 degrees Celsius in other occupied rooms).
- Fuel Poverty Advisory Group (FPAG)
FPAG is comprised of senior representatives from organisations such as the energy industry, charities and consumer bodies. The core role of FPAG is to examine, monitor and report the effectiveness of current policies in reducing fuel poverty and to encourage the need for greater co-ordination and partnerships to tackle fuel poverty.
Further details can be found at: http://www.decc.gov.uk/en/content/cms/about/partners/public_bodies/fpag/fpag.aspx
- Gas Safe RegisterTM
Gas Safe RegisterTM has replaced CORGI in Great Britain and the Isle of Man. See also ACS
By law, anyone carrying out work on gas installations and appliances must be on the Gas Safe RegisterTM. All British Gas engineers are on the Gas Safe RegisterTM and all registered engineers carry an ID card.
- Gearing
The ratio of a company's share capital to its debt.
- Green Deal
Introduced in January 2013, the Green Deal together with the Energy Company Obligation will replace the Carbon Emissions Reduction Target (CERT) and the Community Energy Saving Programme (CESP), which ended in December 2012. The Green Deal will enable domestic and commercial customers to invest in energy efficiency improvements, which qualify under the initiative, for no upfront outlay by spreading the cost through instalments on their energy bills. British Gas has been an early supporter of the Green Deal and took place in a trial of the Green Deal programme in July 2011, with the launch of the Home Energy Plan. This enabled British Gas customers who paid by direct debit to take out low cost loans to invest in energy saving measures. From the pilot, British Gas gained valuable insights about how the Green Deal might operate, including the types of energy efficiency measures that customers prefer and how to simplify the scheme to encourage participation.
- Green Tariff
We have signed upto Ofgem's Green Energy Supply Guidelines which define a Green Tariff as one that delivers an minimum additional environmental benefit as well matching a customers' usage with electricity from renewable sources. This raises the standard of industry products, ensures genuine benefits for the environment and provides transparent and consistent information to reduce consumer confusion around tariff labelling.
Our Sustainable Energy tariff is certified as creating an additional benefit to the environment by the Green Energy Supply Certification Scheme, and matches each unit of electricity you buy with a unit of 100% British renewable energy.
- Grid
The 'grid' refers to the electric grid, which is a network of transmission lines, transformers and more that delivers electricity from power plants to homes and businesses.
- Gross profit margin
Total profit made in a year as a percentage of sales. This ratio is deemed to be an important indicator of profitability, and comparisons can be made against companies selling similar items.
Since gross profit is defined as 'turnover minus cost of sales' this ratio will move if the relationship between these two variables changes. This could be due to changes in selling price, unit costs or product mix (where gross margins vary between different markets). The published information can only provide a superficial guide. Analysts will seek to further analyse this ratio into appropriate market segments.
Gross margin =
Gross profit
divided by: Turnover
- Hedging
Hedging occurs when a significant proportion of gas supply is bought in advance of consumption in order to guarantee future supplies of energy and to help manage price volatility.
- Hedging
Any technique designed to reduce or eliminate financial risk, (the effect of fluctuations in the price of credit, foreign exchange or commodities on an organisation's profits, corporate value, investments, or liabilities). For example, taking two positions that will offset each other if prices change, using Hedging instruments such as forward contracts, forward rate agreement (FRA), swaps, futures, and options.
- Higher heating value (HHV)
The HHV (also known as the gross calorific value or gross energy) of a fuel is defined as the amount of heat released by a specified quantity (initially at 25 oC) once it is combusted and the products have returned to a temperature of 25 oC.
The higher heating value takes into account the latent heat of vaporisation of water in the combustion products, and is useful in calculating heating values for fuels where condensation of the reaction products is practical (eg, in a gas-fired boiler used for space heat). In other words, HHV assumes all the water component is in liquid state at the end of combustion (in product of combustion).
- Hire-purchase
Buying equipment through financing.
- Home Energy Plan
For further information on the Home Energy Plan, please refer back to the Green Deal definition.
- Income
Money from sales, or revenue flowing into the firm.
- Incorporated
A firm with a separate legal existence.
- Integrated Gasification Combined Cycle (IGCC)
IGCC plants initially turn the feedstock into gas, which is then passed through a conventional combined cycle set up. IGCCs can be designed to use a range of raw fuel inputs, including coal, oil products and wastes.
- Interest cover
The ratio below is used to demonstrate how easily the company can service any debt it may have by showing how many times its profit exceeds the interest charge. In particular, when used along-side a review of how much the company has borrowed from banks, this ratio can highlight the company's exposure to fluctuations in interest rates. It is also possible that an 'interest cover' ratio may be calculated for cash flow, to see whether a company is generating enough cash to pay its interest costs.
Interest cover =
Profit before interest for period
divided by: Interest charge for the period
- Interest rates
The percentage charged by a bank or other financial organisation for borrowing money or earned by placing money on deposit.
- Intergovernmental Panel on Climate Change (IPCC)
Founded in 1988, the IPCC is a scientific intergovernmental body founded by the World Meteorological Organisation (WMO) and the United Nations Environment Programme (UNEP). It aims to provide an objective source of information about climate change to policy-makers by assessing the latest scientific, technical and socio-economic literature worldwide on the human causes of climate change. It is open to all member countries of WMO and UNEP and scientists from around the globe contribute to its work as authors, contributors and reviewers.
- Internal carbon footprint
We use the term 'internal carbon footprint' to describe the carbon emissions from our property energy use, company vehicles and business travel. The target does not cover emissions from power generation or oil and gas production, the reporting and management of which we treat separately. Our internal targets concentrate instead on those areas where the majority of our employees have the ability to influence results. This is important for engagement purposes and enables us to benchmark our operational performance against the majority of other businesses. The internal carbon footprint includes all in-scope assets and activities associated with the businesses within Centrica as at 31 December 2007, together with organic growth.
ISO 14001 is an internationally accepted standard for establishing an effective Environmental Management System (EMS). It aims to balance the need for profitability with best practice in terms of protecting the environment.
- Joint implementation (JI)
Joint Implementation is a Kyoto Protocol mechanism under which industrialised countries can invest in projects to cut emissions in other industrialised countries. This could include, for example, replacing an old coal-fired power plant with a cleaner gas-fired one. Reductions achieved under JI projects are awarded emissions reduction units (ERUs), which can be traded in the European Emissions Trading Scheme.
- Kyoto Protocol
The Kyoto Protocol adopted on 11 December 1997, is an international agreement where participating nations have agreed to reduce their greenhouse gas (GHG) emissions from 1990 levels. The first commitment period spanned five-years between 2008-2012 from 1990 levels. All industrialised nations signed the Protocol but Australia only did so with a change of government in 2007, while the United States did not ratify it. Under the Kyoto Protocol, the European Union achieved the collective 5% reduction target, with the UK exceeding this by securing a 6% reduction in GHG. In addition to making absolute domestic carbon cuts, the Kyoto Protocol allows the use of flexible mechanisms to meet targets. These include Emissions Trading (ET), Clean Development Mechanism (CDM) and Joint Implementation (JI). During the second commitment period which will run between 2013-2020, nations will aim to reduce GHG emissions by at least 18% below 1990 levels; however, the composition of Parties in the second commitment period is different from the first. A revised list of GHG will also be reported during this period.
- Leading and lagging indicators
Leading indicators measure activities, while lagging indicators measure outcomes. For example, the number of training workshops held would be a leading indicator and the number of incidents recorded would be a lagging indicator.
- Leasing
Renting equipment through financing.
- Levy Exemption Certificate (LEC)
A LEC is issued by Ofgem to accredited power stations for each megawatt hour of renewable source electricity that they generate. All business customers need to pay a climate change levy for electricity they use. However, they can get an exemption if the electricity comes from a renewable source. Business customers who wish to purchase electricity generated from renewable sources can enter into a renewable source contract with their electricity supplier. LECs act as proof that an equivalent amount of electricity has been generated according to the terms of the contract. That's why electricity sold with LECs comes at a premium.
If an electricity supplier cannot generate enough renewable source electricity, it can purchase LECs from other suppliers to meet its obligations. Suppliers must periodically notify Ofgem of the LECs they have allocated to the renewable source electricity supplied to business customers. LECs are used to show exemption from the Climate Change Levy (see Climate Change Levy).
- Liabilities
Everything a firm owes.
- Limited liability
Owners are not personally liable for debts.
- Liquefied Natural Gas (LNG)
When natural gas is cooled to a temperature of approximately -160 degrees Celsius at atmospheric pressure it condenses to a liquid called liquefied natural gas (LNG). This liquid takes up 600 times less the volume of the gas, making it possible to transport in container ships. Natural gas is composed primarily of methane (typically, at least 90%).
- Liquefied Petroleum Gas (LPG)
LPG is a gas, usually propane or butane, that is derived from oil and put under pressure so that it is in liquid form. It is often used to power portable cooking stoves or heaters and to fuel some types of vehicle, eg some specially adapted road vehicles and forklift trucks.
- Liquid assets ratio
The ability to meet short-term debts without selling stock.
Liquidity ratio =
Current assets
divided by: Current liabilities
- Liquidity
A firm's ability to meet short-term debts.
- Low carbon buildings programme (LCBP)
LCBP ran between 2006-2011 and was a UK Government programme that provided grant funding towards the cost of installing microgeneration and other low carbon technologies at certain types of properties. LCBP was phased-out and replaced with grant funding made through the Government's Feed-in-Tariff (FIT) scheme and the Renewable Heat Incentive (RHI) scheme.
- Low carbon economy
Addresses the global challenges of diminishing fossil fuel reserves, climate change, environmental management and finite natural resources serving an expanding world population. To achieve a low carbon economy there needs to be a transition to the following:
- Energy should be produced using low carbon energy sources and methods - renewable and alternative energy sources, fuels and sequestration
- All resources (in particular energy) should be used efficiently - more efficient energy conservation devices, combined heat and power
- Wherever practical local needs should be served by local production - food materials, energy
- All waste should be minimised - reduce, reuse, recycle
- There is high awareness and compliance with environmental and social responsibility initiatives - industry, commerce and individuals.
- Marked-up price
The price after the company has added its own profit margin on to the cost of the goods.
- Microgeneration
Microgeneration refers to the production of heat and/or electricity on a small scale. Solar panels and microCHP boilers are examples of microgeneration.
- Micro combined heat and power units (Micro-CHP)
Usually fuelled on gas, although some can burn a range of other fuels, they produce power and heat from a single fuel source. A typical domestic sized micro-CHP unit will deliver the same comfort levels as a modern boiler, whilst reducing the emissions of a typical house by 25% or 1.5 tonne of CO2 per year.
- Nationally Accredited Certification Scheme
See ACS
- Nest / Nyth
Nest is the Welsh Government's fuel poverty scheme. It aims to help reduce the number of households in fuel poverty and make Welsh homes warmer and more fuel-efficient. Eligible recipients are those in Wales who are in receipt of a means tested benefit or are living in the hardest-to-heat homes. For more information see http://www.nestwales.org.uk/
- Net profit
The profit that is left after all expenses and deductions have been made.
- Net profit margin
Total profit minus cost made in a year as a percentage of sales. Since operating profit equates to 'gross profit minus operating costs' this ratio goes beyond gross margin to consider the impact of 'other expenses' as well. In addition to changes in volumes, selling price, unit costs or product mix, fluctuations in 'operating costs' will also affect this ratio.
Net margin is a key indicator of trading or operational performance.
Net margin =
Operating profit
divided by: Turnover
- Net Promoter Score (NPS)
NPS measures customers' responses to the question 'How likely would you be to recommend us as an energy supplier to a friend or relative (0-10)?' The score is calculated by the percentage of customers defined as promoters (scoring 9-10) minus the percentage defined as detractors (0-6). NPS are collected through customer feedback forms and telephone interviews conducted by a third party supplier. NPS for British Gas and Direct Energy are measured differently and are therefore not comparable.
- Office of the Gas and Electricity Markets (Ofgem)
Ofgem is the Office of the Gas and Electricity Markets. Protecting consumers is their first priority by promoting competition, wherever appropriate, and regulating the companies which run the gas and electricity networks.
For further information, see www.ofgem.gov.uk
- Offshoring
Offshoring refers to outsourcing to another country.
- Offtake
Offtake refers to the amount of electricity Centrica takes from a power station. For example, we may take 100% of power from a facility but only own 50% of it. Our offtake would be 100%, whereas our equity share would be 50%.
- Outsourcing
Subcontracting a service such as in-house catering, back office functions such as accounting or HR services, to a third-party company. The decision to outsource is often made in the interest of lowering cost, making better use of time and gaining advantages from companies with specialist skills.
- Overdraft
A predetermined credit limit from a bank.
- Power purchase agreement (PPA)
This is where we have a fixed arrangement to buy power from another energy supplier.
- Price/earnings (P/E) ratio
Measure that compares the earnings per share of a company to the market price of the company's shares. The earnings would normally be for a 12-month period. The share price would be for a particular day and thus it would not match the earnings period unless it were an average for that period.
This ratio can be used to gauge the perceptions of the market to holding shares in particular companies. The higher the P/E ratio, the more popular the share. P/E ratios are often quoted alongside share prices in the national newspapers.
Price/earnings ratio =
Share price
divided by: Earnings per share
- Profitability
A firm's income relative to expenditure. Profit before tax can be defined as 'operating profit minus losses on fixed asset sales plus net interest income'. This ratio therefore builds upon 'net margin' by also considering the impact of non-trading items on a business's profitability.
A declining figure in any of these three ratios suggests that potentially there is a problem. However, the reason for the decline must be ascertained through detailed analysis of all relevant aspects of the business before any conclusions can be drawn.
Profitability =
Profit before tax
divided by: Turnover
- Renewable Energy Guarantees of Origin (REGOs)
REGOs are electronic certificates attached to electricity produced from renewable sources across the EU. They were introduced in 2003 in response to the Renewables Directive, which aims to increase the amount of electricity generated in European Member States from renewable energy sources. The Directive requires Member States to issue a Guarantee of Origin, on request, for electricity produced from renewable energy sources.
In 2005 a new standard licence condition was introduced into electricity supply licences, obliging electricity suppliers to give their customers details of the mix of fuels used to produce the electricity supplied to them. Suppliers must show this on bills. REGOs (in some countries they are called Guarantees of Origin - GoOs) are issued in the UK as evidence that the electricity is generated from a 'renewable source', with one REGO representing one kilowatt/hour of electricity.
- Renewable Heat Incentive (RHI)
The RHI is a subsidy for the supply of renewable heat. From its launch in 2011, it has provided appropriate support for technologies such as biomass boilers and combined heat and power (CHP) for the commercial and industrial sector. The Government plans to expand the existing scheme to cover additional technologies and will also offer an additional domestic scheme for individual households. Final details will be announced in summer 2013 and the schemes will open for payment from spring 2014. The UK Government is committed to deliver 15% of total energy from renewables by 2020, and the RHI will help support this target and those on reducing Greenhouse Gas emissions.
- Renewables Obligation (RO)
The RO is the main government market mechanism to support renewable energy. The Obligation requires licensed electricity suppliers to source a specific and annually increasing percentage of the electricity they supply from renewable sources. It was introduced in 2002 and provides a substantial market incentive for all eligible forms of renewable energy.
- Renewables Obligation Certificates (ROCs)
ROCs are awarded to eligible renewable generators for each MWh of electricity generated. ROCs confirm that the power has come from renewable sources - for example, a wind farm. These certificates can then be sold to suppliers, in order to fulfil their Renewables Obligation (RO). Suppliers can either present enough certificates to cover the required percentage of their output, or they can pay a 'buyout' price for any shortfall. All proceeds from buyout payments are recycled to suppliers in proportion to the number of ROCs they present. The buyout price is set each year by Ofgem, and in 2012-2013 the Obligation stands at £40.71 per ROC (Source: Ofgem, Feb 2012, The Renewables Obligation buy-out price and mutualisation ceiling 2012-13). ROCs have increased the profitability of renewable energy generation as the certificates have an additional value over and above the price of electricity itself. The end date of the scheme has now been extended from the 31 March 2027, in England and Wales and Scotland until 31 March 2037, and in Northern Ireland until 31 March 2033.
- Renewable Source Contract
This is a contract where an electricity supplier agrees to supply electricity generated from renewable sources to a business customer. The contract contains a renewable source declaration. Renewable source electricity is exempt from the Climate Change Levy provided certain conditions are met.
- Renewable Source Declaration
This is a declaration made by suppliers that, in each averaging period, the amount of electricity supplied is not greater than the amount of renewable source electricity acquired or generated. It is one of the conditions for exemption from the climate change levy that a renewable source declaration is contained in each renewable source contract.
- Renewable Source Electricity
This is electricity generated from sources of energy other than fossil fuel and nuclear. Wind energy, small-scale hydro, tidal, wave and photovoltaics are all included. Supply of renewable source electricity under a renewable source contract is exempt from the Climate Change Levy (provided certain conditions are met).
- Reserves
Unused cash that a firm has available.
- Retained profits
Withheld dividend payments to shareholders.
- Return on capital employed (ROCE)
Percentage earnings on capital invested in the business by the shareholders. This measure is used to estimate the return the company has achieved on the assets it uses. The calculation uses average capital employed over a period (usually the financial year), attributable to funds provided by the shareholders. Average capital employed excludes interest bearing borrowings and cash deposits.
Profit before interest and taxes
divided by: Average capital employed
- Sales ledger
Contains records of customer accounts.
- Share capital
Money raised from selling shares to shareholders.
- Shareholders
Individual investors who own part of a limited company.
- Site-specific power purchase agreement (PPA)
This is where we have a fixed arrangement to buy power from a specific facility such as a wind farm or power station. We take site-specific PPAs into account when calculating our carbon intensity because we know the intensity of the facility from which we purchase the electricity.
- Smart energy
Smart energy technologies are designed to make people more aware of their energy consumption and to provide greater control over household costs. An example of smart energy technologies are smart meters, which provide real-time and historical visibility of energy use within the home. For more information, refer to the smart metering definition.
- Smart Grid
The 'grid' refers to the electric grid, which is a network of transmission lines, transformers and more that delivers electricity from power plants to homes and businesses. With the rise of digital and computerised products, the electric 'grid' has become stretched to capacity and in response, a smart grid is needed to meet growing electric demand. Working along side the electric grid, the Smart Grid will consist of controls, automation, new technologies and equipment to respond digitally, reliably and efficiently to withstand the UK's quickly changing electrical demands.
Further information can be found at: http://energy.gov/oe/technology-development/smart-grid
- Smart metering
Smart meters provide real time information on energy consumption to help consumers control and manage their energy use, which can save money and reduce emissions. By 2019, it is expected that every home will have a smart meter. The Government have mandated that all homes must have smart meters installed between 2014-2019.
In accordance with the Government's supplier-led Central Communications model, Centrica and other leading energy companies will have the responsibility for the installation and maintenance of smart meters but a central organisation will provide the communication links. This means smart meters will be rolled out by the energy suppliers and not the energy network operators. At the end of 2012, British Gas leads the industry in the installation of smart meters in homes and businesses. For more information, refer to the smart energy definition.
- Standard assessment procedure (SAP)
This is the methodology used for assessing the energy performance of buildings for Energy Performance Certificates (see EPCs).
- Total recordable injury rate (TRIR)
Recordable rate includes lost time cases, restricted work cases and medical treatment cases.
- Trademarks
The name or other symbol used to identify the goods or services from a particular organisation. A trademark that has been officially registered (Registered Trademark) is identified by the symbol 'TM' is legally protected and it (or a near copy) can not be use by other organisations.
- Triple bottom line
The triple bottom line measures an organisation's success in terms of economic, social and environmental factors.
- Turnover
Total revenue or income from sales.
The United Kingdom continental shelf (UKCS) comprises the areas of seabed and subsoil over which UK exercises sovereign rights of exploration and exploitation of natural resources. It is sometimes used interchangeably with the 'North Sea' but is geographically wider than that. According to UK Oil&Gas, the UKCS has the ability to provide the nation with 40% of its oil and gas demand in 2020 if investment there continues.
- United Nations Framework Convention on Climate Change (UNFCCC)
The UNFCCC was established in 1992 as the international framework to agree strategies to reduce emissions of greenhouse gases in relation to their impact on global climate. The key agreement of the Convention is the Kyoto Protocol to the United Nations Framework Convention on Climate Change, which was signed 1997. The Kyoto Protocol established a timetable for reductions in the emissions of carbon dioxide, methane, nitrous oxide, CFCs and other radiatively active gases, as well as a framework for increasing the sequestration of carbon by vegetation including forests and agricultural land.
- Vulnerable customers
A vulnerable customer is defined as one that is unable to safeguard their personal welfare or the personal welfare of other members of the household, for reasons of age, health, disability or severe financial insecurity.
- Warm Home Discount (WHD)
The Warm Home Discount scheme came into effect on 1 April 2011 and as of 8 July 2011, replaced British Gas' Essentials social tariff to new applicants. The is a four year, mandatory, UK Government programme run in conjunction with energy suppliers and aims to provide assistance with energy costs for vulnerable households across England, Scotland, and Wales. The programme is designed to replace all voluntary schemes run by energy companies and our Essentials customers will therefore gradually move onto this scheme. The scheme separates eligible households into two groups - the 'Core' group are the most vulnerable customers who automatically receive discount on their electricity bills while the 'Broader' group consists of a greater number of low-income households living with for instance, long-term illness, disabilities, or has a household member either over the age of 60 or with a child under five years of age. UK energy suppliers are required to spend a combined £276m in 2012/13, rising to £310m by 2014/15 to vulnerable customers through the programme.
Further details are available on the British Gas website.
- Water-stressed
We use a definition provided by the World Business Council for Sustainable Development (WBCSD) which states that water-stress is experienced in regions where water availability does not meet the demands of human populations.
- Weightman report
Commissioned by the UK Government, the Weightman report was produced by HM Chief Inspector of Nuclear Installations, Dr Mike Weightman, to asses potential UK implications following the tsunami and nuclear disaster at Fukishima in March 2011. The report was published in October 2011 and gave a clear endorsement of the UK's safety culture and current performance of the UK nuclear industry and confirmed the necessity of new nuclear builds. He made 26 recommendations to the nuclear industry regarding standards.
- Working capital
The difference between a firm's cash and its short-term debts.
- Zero Carbon Home
A zero carbon home is usually thought of as one that produces net zero carbon dioxide emissions in a year. Homes can form part of a low carbon site; they do not have to be built in isolation. Such homes are exempt from stamp duty when they are first bought.
- Zonal Appraisal and Planning (ZAP)
Zonal Appraisal and Planning is a non-statutory process that represents a strategic approach for identifying wind farm sites within the Zone through consideration of key issues, collection of environmental data across the zone, assessment of cumulative impacts and incorporation of stakeholder views at an earlier stage in development.
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Operating Review
Building a strong business in North America
Direct Energy
North America
Our North American business, Direct Energy, made good progress in 2010 with strong operational performance resulting in a much improved overall financial result, despite continuing low commodity prices across North America. Through organic improvements and value-adding acquisitions, we have made solid progress towards doubling the contribution of the business.
Downstream performance was particularly strong, with underlying downstream profitability* up 35% and double digit returns on capital employed. In residential energy supply bad debt costs were reduced and retention improved in Texas. In business energy supply we significantly strengthened sales productivity, increased our power volumes by 19% and improved operating margin.
The acquisition of Clockwork Home Services provides a step change in scale in a cost effective manner for our services business. Upstream the market remains challenging, with low commodity prices reflecting the impact of shale gas and healthy reserve margins in Texas. However, the low price environment did provide us with an opportunity to increase our gas reserves through the acquisition of the Wildcat Hills assets.
Direct Energy gross revenue was down 3% to £5,997 million (2009: £6,197 million), reflecting the impact of lower commodity prices flowing through to the downstream energy businesses, partially offset by the increase in business energy supply volumes and the acquisition of Clockwork. Operating profit* increased to £234 million (2009: £153 million), mostly reflecting the one-off write off in 2009 of final debt balances in Texas and other one-off items. Overall underlying profitability* increased by 9%, reflecting a strong underlying downstream performance that more than offset the impact of low commodity prices upstream. The impact of currency movements on the reported results was not significant in 2010.
North American residential energy supply
Our residential energy supply business had a strong year, with a significant increase in underlying profit*, operational improvements and an increase in customer satisfaction levels. Overall operating costs fell, while in Texas we continue to transform the business, with an improved focus on the quality of our customer base, tighter acquisition criteria and the deployment of prepaid products helping to reduce the underlying level of bad debt.
Customer numbers fell by 7% during 2010 as we focused on retaining the most valuable customers and tightened our acquisition criteria. During the second half of the year we completed a review of sales channels to better position us for growth in 2011. Retention improved in Texas through an increased focus on value based pricing and proactive outbound retention driving churn to its lowest ever level. In the US North East we remain focused on the most valuable segments and as a result we saw attrition of some blocks of low value customers in the first half of the year. The US North East remains a key region for growth in North America and we achieved a number of significant milestones in 2010, including reaching 100,000 customers in Pennsylvania and Maryland from a base of just 11,000 at the beginning of the year. In Canada, market conditions remain challenging in Ontario, where the Energy Consumer Protection Act has made customer acquisition and retention more difficult. This will lead to a reduction in our Canadian customer base in 2011.
Gross revenue was down 5% to £2,502 million (2009: £2,644 million) as a result of lower retail tariffs, lower customer numbers and lower weather related average consumption. Operating profit* in our residential energy supply business was £177 million (2009: £94 million), partially reflecting one-off charges of £61 million in 2009 relating to final debt write off in Texas and other one-off items.
As a result the operating margin increased to 7.1% (2009: 3.6%). Underlying profitability* was up 14% reflecting the fall in wholesale commodity prices and operational improvements.
Business energy supply
Our business energy supply division, the third largest commercial and industrial power supplier in North America, once again grew materially as we made significant progress in improving sales, customer satisfaction and profit*. Electricity volumes increased by 19% reflecting strong sales from the second quarter onwards, following a period in which customers were hesitant to sign new contracts as a result of wholesale commodity price uncertainty. This increase in activity was due to increased sales productivity, entry into new markets and an improved customer experience, and came against a backdrop of continued disciplined acquisition as suppliers priced for credit and capital utilisation. Together with operational efficiencies, lower debt as a proportion of revenue, and the targeting of particular customer segments, this resulted in an improvement in the net margin to 3.3% (2009: 1.4%). The progress made during 2010 in business energy supply leaves us well placed for continued organic growth in this market as we continue to improve operational efficiencies, leverage our scale, and increase volume while focusing on the most attractive customer segments.
Gross revenue increased 8% to £2,682 million (2009: £2,491 million), reflecting higher volumes, offset by the lower commodity price environment. Operating profit* more than doubled to £88 million (2009: £34 million), as a result of the higher volumes and the higher margin.
Residential and business services
The acquisition of Clockwork, completed in July, has materially increased the size of our North American services business, expanding our geographic coverage to 46 US states and all Canadian provinces. As the largest home services company in North America we now serve three million customers' heating, cooling, plumbing and electrical needs. Clockwork has both owned and franchise locations and an affinity programme for independent contractors, which will help generate scale synergies through lower procurement costs, while contributing to operating profit*. The acquisition also increases the proportion of households to which Direct Energy can offer both energy and services, and makes Direct Energy the market leader in the home energy services market, providing a robust platform for growth through an established franchise model. The integration of Clockwork is on track and the prospects for the enlarged business are encouraging.
In Canada, we achieved a considerable improvement in churn for our water heater customers; however, increasing competitive pressures resulted in a small decline in the number of customers. In the US, the slow recovery in the housing market continues to impact our services business as workload in the new housing construction and light commercial new construction sectors remains low. However, customer satisfaction improved, and profitability* grew in both of these sectors compared to 2009 as we improved efficiency and reduced our cost base.
Gross revenue was up 19% to £485 million (2009: £406 million), principally reflecting the acquisition of Clockwork. Operating profit* decreased slightly to £15 million (2009: £18 million), after taking account of integration charges incurred relating to the acquisition of Clockwork and one-off charges relating to the closure of our Appliance Care business, a market we announced we were exiting earlier in the year.
Upstream and wholesale energy
Continued low gas prices across North America and low spark spreads in Texas significantly impacted the returns of our upstream and wholesale business in 2010. Our natural gas production business made a reduced year-on-year profit*, reflecting lower gas prices. However, the low gas price environment gave us the opportunity to increase the scale of our business at an attractive price, through the acquisition of the Wildcat Hills assets from Suncor. The acquisition provided 241 billion cubic feet equivalent of reserves, increasing reserves by 60%. Gas production volumes increased by 9%, including three months of volume from Wildcat Hills which more than offset the impact of deferring development activity due to the low price environment.
Our power generation business in Texas continued to experience very difficult market conditions throughout 2010. As a result of lower prices, the margin we made from our power plants was insufficient to cover our fixed costs and our wind farm power purchase agreements were loss-making. Power generation volumes were down 23%.
The upstream and wholesale energy division made an operating loss* of £46 million (2009: operating profit* of £7 million) as a result of the low commodity price environment, low spark spreads in Texas, and a one-off loss* on the disposal of turbines in the power generation business. As with other upstream producers, our upstream gas assets and wind power purchase agreements have been written down due to low North American gas and Texas power prices.
To see more online, go to: www.directenergy.com
* Including share of joint ventures and associates stated gross of interest and taxation, and before other costs and depreciation of fair value uplifts to property, plant and equipment from Strategic Investments and exceptional items and certain re-measurements
Related links
Direct Energy operating review
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Chris Weston
24 February 2011
Download Direct Energy operating review transcript PDF (0.01Mb)
The energy market in North America presents significant opportunities and we are making real progress towards our strategy of building an integrated energy business.
Since I took over as Managing Director a year and a half ago we have focused on our people, strengthened the business and made some exciting acquisitions, all of which put us in a position to see continued growth in 2011.
Downstream, we are the third largest commercial and industrial power supplier, and growing. Our residential energy supply business, the largest in North America, has benefited from concentrating on higher value customers. There are also exciting organic growth opportunities in the US North East as markets open to competition. The acquisition of Clockwork gives us a strong presence across the US and a market leading position in home services with real opportunities for growth.
Upstream, shale gas is reducing commodity prices. But low prices provide attractive acquisition opportunities, and we have significantly increased our gas reserves through the purchase of Wildcat Hills. We can now supply 35% of our customers' demand for gas from our own production and we continue to look for other upstream acquisition opportunities.
Chris Weston
Managing Director, North America
Direct Energy in numbers:
|Gross revenueˆ
|Residential energy supply
|Business energy supply
|Residential and business
|Upstream and wholesale energy
The addition of Clockwork to our services business helps deliver on Direct Energy's growth strategy of being North America's leading integrated energy and services company.
|For the year ended 31 December
* Including share of joint ventures and associates stated gross of interest and taxation, and before other costs and depreciation of fair value uplifts to property, plant and equipment from Strategic Investments and exceptional items and certain re-measurements
† 2010 contract relationships and on demand jobs include customers obtained following the Clockwork acquisition which completed on 14 July 2010
|Total North America
|Gross revenue (£m)
|Operating profit (£m)*
|Residential energy supply
|Customer numbers (period end) ('000)
|Gross revenue (£m)
|Operating profit (£m)*
|Operating margin (%)
|3.5 ppts
|1.9 ppts
|Business energy supply
|Gas sales (mmth)
|Electricity sales (GWh)
|Gross revenue (£m)
|Operating profit (£m)*
|Operating margin (%)
|1.9 ppts
|2.0 ppts
|Residential and business services
|Contract relationships (period end) ('000)†
|On demand jobs ('000)†
|Gross revenue (£m)
|Operating profit (£m)*
|Operating margin (%)
|(1.3) ppts
|(4.8) ppts
|Upstream and wholesale energy
|Gas production volumes (mmth)
|Power generated (GWh)
|Gross revenue (£m)
|Operating profit (£m)*
|Estimated net proven and probable reserves of gas (bcf)
|Estimated net proven and probable reserves of liquids (mmboe)
North America with comparator year of 2009 restated to remove effect of foreign exchange movements
|For the year ended 31 December
^ Restated at 2010 weighted average exchange rate
nm denotes not material
|Gross revenue (£m)
|Residential energy supply
|Business energy supply
|Residential and business services
|Upstream and wholesale energy
|Direct Energy gross revenue (£m)
|Operating profit (£m)*
|Residential energy supply
|Business energy supply
|Residential and business services
|Upstream and wholesale energy
|Direct Energy operating profit* (£m)
We are operating on an even larger scale in North America
We increased the overall scale of our North American business with two significant acquisitions in 2010.
The acquisition of gas assets in the Wildcat Hills region of Alberta has provided an additional 241bcfe of gas, increasing our reserves by 60%. This transaction increases the level of vertical integration in our North American business and reduces our cost of gas.
In July we acquired Clockwork, making Direct Energy the market leader in home energy services. This leaves us well placed for the future with a good platform for growth.
In North America we can now meet 35% of our customers' gas demand from our own production.


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Saturday Night Live's former digital short master is back in hosting mode.
It was announced today that Andy Samberg will serve as host for the 2013 Film Independent Spirit Awards. According to Deadline, the 28th annual awards ceremony will be held as a daytime luncheon in a tent on the beach in Santa Monica on Saturday, February 23, with the premiere broadcast airing later that evening at 10 p.m. on IFC.
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These are a great lunchbox snack for more adventurous kids and adults. Also, once you get the hang of them you can really improvise with the fillings adding avocados, nuts, vermicelli noodles, and green onions. My son likes his filled with carrots and peanuts. My daughter likes hers with chicken and peanuts. They started eating these wraps when I let them help make them.
Spring Roll Wrappers (Banh Trang)
Shredded Chicken
Cilantro or Basil and Mint
Shredded Carrots
Vermicelli Noodles
Prepare fillings.
Dip rice paper in water.
Place filling and roll.
Here is a you tube video on making Vietnamese Spring Rolls
Peanut Sauce from www.bookofyum.com
1 sliced small onion
1 tablespoon olive oil
1/4 teaspoon cayenne
1 tablespoon soy sauce
1 teaspoon sugar
2 cloves crushed garlic
3/4 cup NATURAL peanut butter or 1 cup dry roasted salted peanuts
1/4 teaspoon ground ginger
1/2 teaspoon salt
2 tablespoons lime juice
Cook onion and garlic in olive oil until soft.
Puree in blender or Cuisinart. Add remaining ingredients and puree until smooth.
Slowly add enough boiling water until it is the consistency of
slightly thinned peanut butter. Season to taste to get a balance of sweet, sour, salty and spicy.


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Welcome to the Grinnell College Libraries, winner of the 2011 Excellence in Academic Libraries Award from the Association of College and Research Libraries and the American Library Association. The eight faculty librarians and 18 staff of the Grinnell College Libraries—Burling Library, the Kistle Science Library, and the Curriculum Library—are dedicated to helping Grinnell students, faculty, and staff succeed in learning, teaching, and research. Our services emphasize working closely with students to develop fluency in the use and evaluation of information sources as they conduct research and other intellectual investigations, through individualized research appointments, classroom instruction, and drop-in research assistance. Each academic department and concentration has a professional librarian assigned as its liaison, and we work closely with our campus colleagues through the Academic Resource Centers to integrate writing, reading, data analysis, academic advising, and other services. The Libraries' book, journal, data, and media collections -- in analog and digital formats -- are wide-ranging and intellectually challenging, representing multiple viewpoints, languages, and cultures, and we are part of a world-wide network of libraries that can bring you information from all parts of the globe. We offer a variety of spaces for quiet and collaborative study, practicing presentations, and relaxing, and we sponsor readings, lectures, and musical performances throughout the year. We're also part of the Grinnell town community; residents are welcome to borrow from our collection, use our facilities, and enjoy our events. As the world of information grows more complex -- available in more formats, from more sources, with confusing questions about copyright and reliability -- libraries are more central to learning than ever before. We look forward to working with you!
Richard Fyffe, Samuel R. and Marie-Louise Rosenthal Librarian of the College: fyffe[at]grinnell[dot]edu
Mission Statement
The Grinnell College Libraries--Burling Library, the Curriculum Library, and the Kistle Science Library--serve the instructional, research, and general information needs of the campus community. The libraries fulfill their mission through (1) on-site provision of books, periodicals, microforms, sound recordings, electronic resources, and other library materials; (2) mediated access to off-campus information sources; and (3) active programs of information literacy: teaching the concepts needed to navigate the profusion of available sources and to evaluate critically the information, texts, and images discovered therein. As depositories for federal and state government publications, the libraries make such documents available to residents of Iowa and promote the use of these resources. The libraries serve as the archives for the official and unofficial records of Grinnell College; through the Department of Special Collections and Archives they seek to collect, preserve, and make available for research, sources that document the history of Grinnell College and its cultural and natural surroundings in Iowa, including the prairie setting of which it is a part.
Contact us
Burling circulation desk (641) 269-3350
Burling research desk (641) 269-3353
Kistle circulation desk (641) 269-4606
Excellence in Academic Libraries Award
In 2011, the Grinnell College Libraries received the Excellence in Academic Libraries Award from the Association of College and Research Libraries, a division of the American Library Association. "Receiving an Excellence in Academic Libraries Award is a national tribute to a library and its staff for the outstanding services, programs and leadership they provide to their students, administrators, faculty and community," said ACRL Executive Director Mary Ellen K. Davis. We were cited in particular for the strength of our mentoring and information literacy programs. "The Burling Library customized the ACRL information literacy standards to create a focused, coherent and successful information literacy instruction program," said Erika Linke, chair of the 2011 Excellence in Academic Libraries Selection Committee and associate dean of university libraries at Carnegie Mellon University. Linke noted, "The selection committee was impressed with the student mentors program – one example of many connecting the library with students and faculty. The activities of the library demonstrate a continuous effort to improve, adapt, reshape and respond to new expectations."
This award was testimony to the hard work, creativity, and dedication of all the library staff over many years, and to the ongoing support of the campus community. We work hard to be sure that we, our programs, and our services remain deeply integrated with campus learning, teaching, and research. As libraries continue to evolve, our commitment to the College's liberal-arts mission and program helps to ensure our effectiveness. The Libraries' winning application essay describes many of the excellent programs and services that happen in the Libraries, including:
- Library Labs that provide individualized assistance to students working on research projects.
- The Libraries' Doing Research site, which helps guide students through the research process.
- Experiential learning opportunities such as student-curated exhibits.
Assessment in Action: Academic Libraries and Student Success
In 2013, the Grinnell College Libraries were selected to participate in the new program "Assessment in Action: Academic Libraries and Student Success," to examine the impact of the library on student success and help academic libraries contribute to assessment activities on their campuses. The program is sponsored by the Association of College and Research Libraries/American Library Association and funded by the Institute of Museum and Library Services. Grinnell is one of 75 institutional teams selected from a pool of 98 applicants.
As part of its application process, each participating institution identified a team consisting of a librarian and at least two additional team members. The librarian team leaders will participate in a 14-month professional development program that includes team-based activities carried out on their campuses. Librarians who participate in the AiA program, supported by a blended learning environment and a peer-to-peer network, will lead their campus teams in the development and implementation of an action learning project.
Grinnell's team includes Phil Jones, Humanities Librarian/Coordinator of Research Services; Carlie VanWilligen, Associate Director of Analytic Support and Institutional Research; and Henry Rietz, Associate Professor of Religious Studies. The Grinnell team will work with a selected group of Grinnell's academic departments to explore the impact of information literacy instruction within student majors on students' academic success. It will investigate how measures we might create (information literacy quizzes and surveys) and ones that already exist (such as ILL and circulation statistics, or a dataset of student writing samples) correlate with available student data such as GPA and retention rates. This two-pronged approach will allow us to learn about the effectiveness of library instruction and services and to connect library metrics with topics of campus-wide interest such as improving student learning and persistence.
ACRL is a division of the American Library Association, representing more than 12,000 academic and research librarians and interested individuals.
ILEAD USA: Library Technology and Leadership Skills Institute
In 2013, a team made up of Drake Community Library and Grinnell College Library staff was selected to take part in ILEAD USA (Innovative Librarians Explore, Apply and Discover). This prestigious year-long program is designed to help library staff understand and respond to user needs through the use of technologies that encourage interactive collaboration by a wide range of people. The end goal is a program or project that could serve as a model for others with similar goals. The team, dubbed "The G-Team," is made up of Monique Shore and Sharon Johnson of Drake Community Library and Catherine Rod, Julia Bauder and Chris Jones of Grinnell College Libraries.
The G-Team is one of five teams chosen from ILEAD applicants statewide. Each team had to develop a project that would use technology and include a chance for participation from outside individuals. The G-Team application focused on development of a project to enhance access to digital resources related to the history of Grinnell and Poweshiek County. The project will also provide tools that will enable members of the public to contribute to the digital archives. Some of the potential outcomes are: creation of a website or portal that will serve as a unified access point to digitized historical content about Grinnell and Poweshiek County; technology to digitize and organize new materials; a portable public scanning station that will allow documents and photographs from area residents to be scanned for possible inclusion; use of "crowd sourcing" software to add information to photographs and documents in the project; and possible solicitation and recording of oral histories from area residents.
Learn more about the project here http://grinnell.lib.ia.us/poweshiekhistory/
"We are thrilled to be collaborating with the college library staff on this project," says Monique Shore, systems administrator at Drake Community Library. "When I heard about the ILEAD project at the annual Iowa Library Association conference last year, I immediately thought it might be the perfect opportunity to formalize our collaboration with the college on our local archive initiatives. Both libraries maintain local archives with slightly different focuses. We currently share resources on an informal basis, but this project will provide us with the tools and focus to create easier access for the public and also solicit new materials for our digital collections."
Iowa ILEAD articipants will take part in three four-day sessions over the course of nine months, beginning March 25-28. Teams use the skills and training acquired throughout the sessions to develop, implement, manage and evaluate the project. They are assisted by instructors and mentors who provide instruction and guidance during the course of the sessions.
Iowa Library Services is partnering with the state libraries of Illinois, Colorado, Ohio and Utah to implement ILEAD USA through a Laura Bush 21st Century Librarian Program grant from the Institute of Museum and Library Services. The Illinois State Library has hosted two extremely successful continuing education initiatives titled ILEAD U (Illinois Libraries Explore, Apply and Discover), and ILEAD USA is an expansion of the program.
Other ILEAD USA sessions will be held June 17-20 and October 21-24. Sessions will be held simultaneously in each of the five states, with plenary sessions on streaming video. In-person sessions, virtual meetings and activities will allow participants to hone their skills, experiment with participatory technology tools and continue communications with other ILEAD USA participants.
Annual Reports
Grinnell College Libraries' Annual Reports [PDF documents]
Emergency Plan
Disaster Plan
This plan outlines the steps and procedures to be used in response to a disaster. Its primary goal is to minimize or eliminate damage to the collections after first ensuring personal safety.
Locations Planned For: Burling Library, Kistle Science Library, Curriculum Library
Events Planned For: Biological, Bomb, Fire, Power Failure, Structural, Vandalism, Water
The plan outlines the discovery notification responsibilities, assessment procedures and responsibilities, and recovery procedures and responsibilities. The basic structure of the plan is the same for all types of disaster, although some types of events require specialized action: Discovery, Notification, and Assessment and Recovery
Grinnell College Libraries Disaster Plan
Contact numbers are on file at the Campus Safety & Security Office
LibQUAL Survey
Survey Overview
In February and March 2007, the Libraries surveyed the Grinnell College community to find out how well we are serving campus needs. We used a national survey instrument called LibQUAL (http://libqual.org/) which measures the gaps between your minimum expectations for library service at Grinnell College, your desired level of service, and what you perceive the Grinnell College Libraries to offer in three areas:
- Affect of Service: how courteously and responsively library staff serve you
- Collections and Access: how well our collections of books, journals, and databases – and such services as the catalog, the website, and interlibrary services – give you access to the information you need
- Library as Place: how well our physical facilities serve your needs for space and technology
The survey also included an option for making free-text comments on any subject. Altogether, 278 students, faculty, and staff participated in the survey and 114 gave us comments.
Students Faculty Administration and Staff Librarians and Library Staff Total Survey 172 =12% of the students 54 =28% of the faculty 29 = 8% of administration and staff 23 = 85% of librarians and library staff 278 Comments 72 23 14 5 114
What We Heard
Overall, faculty and students perceive the Libraries to meet minimum expectations in the area of Collections and Access – and this is the area that matters most, as expressed by desired level of service. For faculty, Collections and Access are just at the level of minimum expectation. For students, Collections and Access exceed this level by a small amount.
Expectations for Affect of Service are lower, and we come close to meeting desired level of service in this area (though some of the free-text comments reveal concerns in this area, too).
Students have a similar "desired" level for Library as Place as they do for Affect of Service – and perceive our facilities to fall about midway between "minimum" and "desired" levels. More detailed information on the responses can be found in the links below.
There were several comments that questioned the validity of the survey instrument. We agree that this is not a perfect tool and we do not intend to rely on these results alone to understand student and faculty opinions. We see the results as clues to issues and problems (and strengths!) that we need to learn more about, through focus groups, quick point-of-service surveys, and – most important – ongoing conversation. Meanwhile, the survey gave every student, faculty member, and staff member an opportunity to be heard, and gave us a snapshot view of campus opinion at that time.
We have posted a more detailed summary of the survey results, the free-text comments we heard, and the report prepared by the LibQUAL organization. A note on the comments: we have done everything we can to remove information that might reveal the identity of the writer. The comments have been broken up into topics. Otherwise the wording has not been changed. See the links at the end of this page.
What We Plan to Do in Response
Faculty and students give highest priority in their survey responses to library collections and access to information. We have proposed a significant increase in funding for collections in our FY09 budget request, and we have also proposed to purchase new software to improve turnaround speed for books and articles, and the quality of the articles that you receive through our interlibrary services. We will also undertake an assessment of our collecting patterns, usage patterns, and faculty and student priorities; to be sure that we are making the best use of the resources we have been given. Ongoing conversation with faculty and students is essential for us to remain informed about those priorities, and we have reorganized our liaison program (http://www.lib.grinnell.edu/research/consultinglibs/) and our SEPC to help us do that.
Over the next year, we also plan improvements in our Web site that will make it easier for you to find what you are looking for.
We have already begun to address some of the concerns raised about Burling Library, and have made improvements in lighting, furniture, and technology (see What's New at the Grinnell College Libraries for further information).
Look for additional news on these plans over the next few months. We – the librarians and library staff – are responsible to you, the students, faculty, and staff of Grinnell College. Our job is to make the best use of the resources allocated to the Libraries in support of the learning and teaching mission of the College, and to prepare – as best as we can – for the College's future needs for information and library services. This will sometimes require difficult choices and complex prioritization. We can serve you best if we know your needs and concerns, through your feedback and conversation. Thank you to everyone who participated in the survey.
Richard Fyffe
Rosenthal Librarian of the College
October 2007
LibQUAL Survey Results: An Analysis [PDF]]
LibQUAL Comments:
Students [PDF]
Faculty [PDF]
Staff [PDF]
LibQUAL Report [PDF]
Tell Us What You Think: http://www.lib.grinnell.edu/feedback.html
Self Study
Dreaming With Both Eyes Open
In 2008 the Libraries started a self study to identify our strengths, our weaknesses, and our key directions for the next several years. We were assisted by many faculty, students, and staff across campus. In April 2009, the Dean's Office hosted a pair of external reviewers who met with students, faculty, and staff to prepare their own report of assessment and recommendations. The Libraries submitted a formal response to the External Reviewer's report in April 2010.
We welcome responses to our original self-study. Ongoing assessment of our services in light of changes at the College and in the larger higher-education, information services, and technology communities--and continuing conversation with students, faculty and staff--are fundamental to our becoming and remaining the library that Grinnell College deserves.
The Libraries' Self Study Report (March 9, 2009)
Full report for printing [PDF]
Self Study report
Full list (excluding Appendix 18) for printing [PDF]
Individual Appendices [PDF]
Appendix 1: Membership on Self-study Teams
Appendix 2: Grinnell College Profile
Appendix 3: Official Peer Institutions
Appendix 4: Collections and Service Statistics 10-year data series, 1998-2007
Appendix 5: Total Library Budget
Appendix 6: Reference and Instruction Statistics
Appendix 7: Critical Inquiry Proposal
Appendix 8: Tutorial Information Literacy Curriculum
Appendix 9: Overview of Discovery and Access Services
Appendix 10: Interlibrary Loan Peer Comparison
Appendix 11: Collections, Collection Expenditures, and Collection Usage in Peer Context
Appendix 12: Special Collections Reference Statistics
Appendix 13: Academic Commons and Trends in On-Campus Collaboration
Appendix 14: Elected and Appointed Service on State, Regional, and National Committees, 2003-2008
Appendix 16: Library Organization Chart
Appendix 17: Staffing Levels in Peer Context
Special Questions for the External Reviewers
Special Questions for the External Reviewers [PDF]