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Energy

Centrica annual profit drops 35% on energy price cap

Feb 13 (Reuters) - British utility Centrica on Thursday posted a 35% slump in full-year operating profit, hurt by a government introduced price cap on energy bills as well as lower natural gas prices.

The owner of British Gas, Britain’s largest energy supplier, said adjusted operating profit for the year ended Dec. 31 fell to 901 million pounds ($1.17 billion) from 1.39 billion pounds a year earlier.

The company said it expects 2020 profit from its core divisions to be in line with 2019, but warned upstream earnings may be hit by lower commodity prices. ($1 = 0.7721 pounds) (Reporting by Shanima A in Bengaluru; Editing by Arun Koyyur)

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