North American energy services giant Direct Energy saw gross revenue increase by 28 per cent to US$11.4 billion in 2013 as the company continues a drive to reduce costs.
Direct Energy reorganised in late 2013 creating a chief operations officer position focused on cutting costs.
Badar Kahn, president and CEO of Direct Energy, said: “We are taking bold steps to leverage efficiencies across our lines of business and through further integration of acquisitions, so that we can deliver engaging innovations that add value, convenience and more options for our customers.”
Direct Energy’s operating profit however was down 11 per cent on 2012 at US$436 million.
The company attributes the decrease to lower margins in the commercial and industrial energy supply business, and increased competition across most of the company’s markets.
In 2014, cost competitiveness and customer innovation will be key priorities, said Mr Khan.
Direct Energy plans to launch a new residential energy billing platform in Alberta, and new consolidated call centers in Phoenix and Tulsa are generating efficiencies.
Building on products such as the ‘Power to Go’ prepaid and ‘Free Power Saturdays’, Direct Energy recently launched a new mobile web-enabled smart thermostat in Texas and Canada.
Direct Energy is North America’s largest retail energy provider and is a subsidiary of Centrica.
It supplies residential and commercial electricity and natural gas to 14 US states and four Canadian provinces.