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Centrica boss hits out at Ofgem amid price row

The boss of British Gas parent Centrica has told ITV News the company will make far less profit from energy bills than watchdog Ofgem has suggested.

Chief executive Sam Laidlaw told ITV News the energy firm would make £40 profit per customer per year - some way from the £106 Ofgem says energy companies are set to make.

The company has come under pressure to cut bills after watchdog Ofgem pointed to falling wholesale gas and electricity prices.

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British Gas prices 'could come down before election'

British Gas energy prices could come down before next year's General Election, the boss of parent company Centrica has suggested.

Labour leader Ed Miliband has pledged to freeze energy bills if Labour wins the election. Credit: PA Archive

Speaking to BBC Radio 4's Today programme, chief executive Sam Laidlaw said: "I think we have a strong record of being the first company to reduce prices wherever we possibly can and, if we see the opportunity, we would do so before the election or after the election."

Mr Laidlaw was pressed about the impact of Labour's pledge to freeze prices but said the costs Centrica incurred would be the key factor in deciding whether or not there could be any reduction.

He said the company's drop in profits was related to two "unusual" weather phenomena - the warmer weather in the UK and the US polar vortex which "resulted in generating companies charging us with a lot of additional sort of ancillary costs".

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