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| British Gas owner Centrica sees half-year profits rise | British Gas owner Centrica sees half-year profits rise |
| (35 minutes later) | |
| British Gas owner Centrica has reported a rise in half-year profits, after the unusually cold winter boosted gas consumption. | British Gas owner Centrica has reported a rise in half-year profits, after the unusually cold winter boosted gas consumption. |
| Centrica's adjusted operating profit rose 9% to £1.58bn for the period ended 30 June 2013, up from £1.45bn for the same period in 2012. | Centrica's adjusted operating profit rose 9% to £1.58bn for the period ended 30 June 2013, up from £1.45bn for the same period in 2012. |
| British Gas' residential arm saw profits rise 3% to £356m, up from £345m a year earlier. | British Gas' residential arm saw profits rise 3% to £356m, up from £345m a year earlier. |
| British Gas raised its energy prices by 6% in November 2012. | British Gas raised its energy prices by 6% in November 2012. |
| Centrica said "significantly higher environmental and commodity costs" had affected British Gas Residential's operating profits, despite gas consumption rising 13% compared with the same period last year. | Centrica said "significantly higher environmental and commodity costs" had affected British Gas Residential's operating profits, despite gas consumption rising 13% compared with the same period last year. |
| Centrica chief executive Sam Laidlaw said: "With our customers using more gas to stay warm during the unusually cold winter, we're doing everything we can to help them keep their energy costs under control and make bills simpler and clearer." | Centrica chief executive Sam Laidlaw said: "With our customers using more gas to stay warm during the unusually cold winter, we're doing everything we can to help them keep their energy costs under control and make bills simpler and clearer." |
| British Gas has introduce a Tariff Checker to help its customers work out if they are on the cheapest tariff, but rising profits are still likely to attract criticism from consumer groups. | British Gas has introduce a Tariff Checker to help its customers work out if they are on the cheapest tariff, but rising profits are still likely to attract criticism from consumer groups. |
| Centrica said it expected British Gas Residential's full-year operating profits to be "broadly in line" with 2012's figure of £606m. | Centrica said it expected British Gas Residential's full-year operating profits to be "broadly in line" with 2012's figure of £606m. |
| The company said the cost of complying with the government-imposed Energy Company Obligation (ECO), aimed at helping low-income households with their heating bills and reducing carbon emissions through insulation, would be £1.4bn by the time the scheme ends in 2015. | |
| Acquisitions | |
| On Tuesday, Centrica announced that it had bought the energy marketing business of Hess Corporation in a $1bn (£657m) deal that makes its Direct Energy subsidiary the largest business-to-business gas supplier in the eastern United States. | |
| In June, Centrica also spent £44m on a 25% stake in a shale gas exploration licence in Bowland, Lancashire, owned by Cuadrilla Resources and AJ Lucas. | |
| The company has agreed to contribute a further £56m towards future exploration and appraisal costs associated with the project. | |
| Centrica's results come a day after French energy company EDF reported UK pre-tax profits of £903m and said it was pulling out of the US nuclear power market because of the widespread availability of shale gas. |