The Telegraph: Ofgem is confusing consumers over energy profits, says British Gas owner

Energy regulator Ofgem is confusing consumers by publishing inaccurately high estimates of company profits, Centrica has claimed, as it said British Gas earnings had slumped by a quarter in the warm first half of the year.

Britain’s biggest energy supplier also revealed it was scrapping plans for a massive multi-billion pound wind farm in the Irish Sea, suggesting the UK should cease building expensive offshore turbines for at least a decade to prevent high costs pushing up consumer bills.

Centrica became embroiled in the row with Ofgem after the regulator estimated that companies’ pre-tax profit margins would rise from £53 in the past 12 months to £106 in the year ahead.
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