July 31, 2018 / 7:47 AM / 21 days ago

Centrica has no plans to legally challenge government price cap - CEO

LONDON (Reuters) - British utility Centrica (CNA.L) has no plans to legally challenge the government’s cap on domestic energy prices, CEO Iain Conn said on Tuesday.

Earlier this month Britain’s parliament approved a law capping the most commonly used gas and electricity tariffs to tackle what prime minister Theresa May called “rip off prices.” .

Energy regulator Ofgem is expected to publish further details on how the measure will work in the coming months with the cap expected to be in place before the end of the year.

The regulator had expressed concerns that some energy companies could try to challenge the move.

Iain Conn made the comment during a press briefing with journalists following the company’s first half results on Tuesday.

Reporting By Susanna Twidale; Editing by Kirsten Donovan

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