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Why is Cadent gas fined?

Why is Cadent gas fined?
Asked by
Kyle Rodgers categorie-icon time-icon5 months ago
1 Answer Answer Question

Bryan Reynolds
Answered time-icon5 months ago

United Kingdom-based gas company Cadent got fined for £44m because it didn’t provide gas to its customers for several months. This marks the biggest-ever enforcement action.

The British government regulator Ofgem said Cadent also failed to provide records of 775 soaring blocks of flats.

Cadent gave an “unreserved apology” to its customers who didn’t have service for 19 days on average.

“We aim to put customers' needs at the heart of everything we do, and we acknowledge that in the past, we have fallen short of customers expectations and the higher standards we have now set ourselves; for this, we are sorry,” Steve Hurrell, CEO of Cadent.

Cadent will get penalized two times: £24m for improvements and compensation and £20m for a community fund, which will also get 1.25% of the company’s after-tax profits. Cadent’s operating profit in 2018 was £724m.

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