Energy companies boost profits despite gas price cuts, warns energy watchdog

Critics brand revelation the final straw for consumers with Ofgem calling on competition watchdog to take widening profit figures into account

Energy companies are using the falling price of gas to increase their profits to £114 a household despite a recent wave of price cuts, the industry watchdog has warned.

The average pretax profit for a big supplier from a household bill will rise by £9 to £114 over the next 12 months, Ofgem said.

Related: British Gas 5% cut is too little, too late, says Ed Miliband

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