Centrica CEO Eyes US for More LNG Deals and Trading Expansion

Chris O'Shea, chief executive officer of Centrica Plc, at the International Energy Week conference in London, UK, on Tuesday, Feb. 10, 2026. The conference runs through Feb. 12. Photographer: Jason Alden/Bloomberg Photo by Jason Alden /Bloomberg

Article content

(Bloomberg) — The UK’s Centrica Plc plans to buy more US liquefied natural gas, as it sees the fuel remaining a key part of the energy system for decades even as global geopolitical tensions highlight the need to diversify supplies.

Article content

“I’m very happy to buy more LNG from the United States,” Chief Executive Officer Chris O’Shea said in an interview from New York on Monday, adding that the firm is also looking to expand its trading business in the country. “It is a very reliable partner.” 

Article content

Article content

Article content

His comments come as the Iran war has renewed concerns among European energy firms about relying too heavily on any single supplier, including the US, prompting a fresh push for diversification. At the same time, the US has over the past decade grown to become the world’s top exporter of LNG, and looks to double its capacity by 2030 with new projects and expansions. Many see gas as a transition fuel to help curb emissions and further pivot toward clean energy.

Article content

Article content

In the US, the British utility and trader already has agreements with Cheniere Energy Inc.’s Sabine Pass facility and Delfin Midstream’s proposed offshore export project, and has signed gas supply deals with Devon Energy Corp. and Coterra Energy Inc. While it’s seeking more US volumes, it’s also exploring other sources of supply, including in Canada.

Article content

“The way I’d think of it as an executive from a western European company is that no one wants to rely on one place for a product, full stop,” O’Shea said. He said he also would like to have more supplies coming from different projects in the US — not all from Sabine Pass or Delfin — where Centrica is currently involved.

Article content

Article content

The CEO said Centrica may also expand its New York trading operation, which currently has about 20 people, as it evaluates opportunities in the US domestic market, including trading physical gas at key hubs.

Article content

The company is bearish on global LNG prices through 2030. Still, it expects demand for the fuel to remain robust as rising power consumption and coal-to-gas switching support usage in many parts of the world. The UK is targeting decarbonizing the power system by 2030 to cut emissions and lower bills. 

Article content

“Gas will be a part of the energy mix for the next 20 years, it is not going anywhere,” O’Shea said. The energy transition “was never going to be linear.”

Article content