British Gas owner Centrica (LON:CNA) and Uber are launching an electric vehicle trial to test Britain’s ability to cope with power fluctuations caused by a mass roll-out of the technology, The Telegraph has reported. The news comes as Britain’s biggest supermarket Tesco (LON:TSCO) announced yesterday that it was teaming up with Volkswagen to provide charging points for electric cars.
Centrica’s share price has climbed higher in London in today’s session, having added 0.51 percent to 136.85p as of 10:06 GMT. The stock is outperforming the broader UK market, with the benchmark FTSE 100 index having fallen into the red and currently standing 0.68 percent lower at 6,990.75 points. The group’s shares have given up more than five percent of their value over the past year, as compared with about a 4.5-percent dip in the Footsie.
Centrica and Uber to launch trial
The Telegraph reported today that Ofgem has approved the trial, led by Centrica and Uber, of 3,000 of the vehicles in London and the South of England. The cars will be on the road by the second half of next year, while the trial will continue until 2022. Data will be collected about the distance travelled, the cost of trips, as well as the amount of energy consumed and the times of day at which vehicles were charged.
The newspaper notes that Centrica and Uber have said that the data and results will be shared openly.
Analysts on British Gas owner
JPMorgan Chase & Co reaffirmed Centrica as an ‘overweight’ last week, while trimming its valuation on the shares from 200p to 190p. According to MarketBeat, the blue-chip group currently has a consensus ‘hold’ rating and an average price target of 160.55p.