British Gas owner plans to cap profits to cut energy bills

Exclusive: Centrica chief tells the Guardian he is keen for it to sign up to new contracts with government on electricity generation

British Gas owner Centrica plans to voluntarily cap booming profits in an effort to cut household bills and defuse outrage over them, the Guardian can reveal.

The chief executive, Chris O'Shea, said he is keen for Centrica to become the first company" to sign up to new, renegotiated contracts with the government on its electricity generation, amid controversy over windfall gains.