Iain Conn, Centrica Group chief executive, said "Although some aspects of our delivery in the second half of 2017 have been disappointing, I remain encouraged by our progress in implementing our strategy. The balance sheet has been materially strengthened, and we continue to focus on improving our underlying performance. "We have also provided a broad and definitive set of proposals this week to improve the UK energy market for customers and look forward to engaging with the Government and regulator in the coming weeks." Certainly, UK Government policy and Theresa May's October pledge to clamp down on "rip-off" energy tariffs do not play into Centrica's hands, but the glut began before then, as City Index point out. Ken Odeluga, market analyst for City Index, said: "Centrica stock had already fallen 30% over the year up till last night's close. Investors have been weighing how much of a new threat the toughening environment is to the group's dividend policy.