By Corey Charlton Incoming Centrica boss Iain Conn will receive a pay and perks package worth up to £3.7m when he begins Bills are to be reduced by £12 a year on average after new price controls were agreed by five of the six companies that run Britain’s electricity network. Regulator Ofgem said the cut has been driven by £2.1billion of savings it has secured from the companies’ business plans since last year. The distribution part of the energy bill - which accounts for 8% of an annual dual fuel bill - will be on average £12 a year lower than it is today from 2015 - 2023.
@highlight
Energy bills to fall by £12 a year after firms agree on new price controls
@highlight
But new British Gas boss is being handed a £3.7m pay and perks package
@highlight
The huge welcoming package has been branded 'insulting' by critics
Since then, companies have identified £700 million of savings and @placeholder has ruled out a further £1.4billion following further analysis.