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Centrica set to report a profit amid calls for cuts
BRITISH GAS parent company Centrica is expected to report an increase in its full-year profits this Thursday, as the UK energy sector comes under fresh scrutiny over pricing.
The utility provider is forecast to announce a 38 per cent increase in its UK upstream services to just over £1bn, contributing to a growth in operating profit of around three per cent, reaching the region of £2.45bn.
But Centrica might point critics to British Gas Residential, its division which was loss making for the five months to August as the company supposedly absorbed the hit to customers from rising wholesale prices.
On Friday, energy watchdog Ofgem told suppliers to drop their prices and simplify their tariffs or face regulating sanctions.