Centrica Plc is a leading energy organization focused on the UK (2009: 70% revenues) and North America (30%). Being vertically integrated, Centrica has business units in: 1) gas exploration/production (Centrica Energy – Upstream UK); 2) electricity marketing, generation and gas distribution (British Gas - Downstream UK and Direct Energy (North America)); and 3) storage, boasting the largest facility in UK (Centrica Storage). Additionally, Centrica provides retail energy solutions, repairs and maintenance to customers globally (smart meters, insulation, boiler repairs etc). This integration provides earnings protection in both high and low commodity price environments. Earnings are driven primarily by higher power and gas prices. This coupled with a low carbon generation portfolio provides a platform for stable earnings growth. Low Net Debt/EBITDA (0.9x 2010) provides the financial strength for Centrica to pursue growth both organically and via acquisition. Political risk remains key given tight budgets, rising inflation and decreasing consumer purchasing power.