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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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Milder winter helps British Gas profits tumble by 26%

A milder winter and energy efficiencies helped British Gas profits tumble by 26% in the first half of 2014.

Parent company Centrica predicts average bills will fall by around £90 this year because consumers are not using as much power.

However, industry regulator Ofgem has suggested that it sees power companies doubling their profit margins in the second half of the year.

They have already referred the Big Six energy companies to the competition authorities.

ITV News Correspondent Nina Nannar reports:

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