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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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Centrica pre-tax profits down by 40%

British Gas owner Centrica has reported pre-tax profits of £890 million for the first half of 2014, a drop of 40% from 2013.

The company said the fall reflected a changing market environment and the effects of mild weather in the UK and the polar vortex in North America.

ITV News Business Editor Joel Hills tweeted:

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