price cap
It will give the regulator more time to consider the consultation responses by industry
Martin Cave previously said the temporary price cap was needed to protect consumers from unfair energy price rises
It is seeking views on its proposals until 31st May 2018
Chief Executive Alistair Phillips-Davies is also calling for greater clarity around the conditions under which a price cap would be removed
Legislation will have to be passed by Parliament this summer for the regulator to ensure the price cap is set this year
The UK Government has introduced new legislation to cap energy prices and help consumers save money. The move will allow regulator Ofgem to cap prices until 2020, protecting 11 million households across the UK, who are currently on a standard variable tariff (SVT) or other default deals. Urgently needed Rachel Reeves, Chair of the Business, […]
New legislation to cap energy prices and help consumers save money is being introduced to Parliament today. The Domestic Gas and Electricity (Tariff Cap) will allow Ofgem to cap energy tariffs until 2020, protecting 11 million households across the UK, who are currently on a standard variable or other default tariffs. The cap, which could […]
The “broken” energy market in Britain must be fixed by introducing a price cap before next winter. The Business, Energy and Industrial Strategy (BEIS) Committee is urging the government to implement the cap as soon as possible to protect loyal customers from being ripped off by suppliers. MPs said the Big Six energy companies have […]
Around five million vulnerable households will see a £58 increase a year on their energy bills from April. Ofgem said the level of its safeguard tariff – which stops suppliers from charging customers too much – will increase from £1,031 to £1,089 for dual fuel customers on average. That’s mainly due to higher wholesale energy […]
The UK’s energy regulator has apologised for not capping energy bills sooner. Ofgem Chief Dermot Nolan was accused of being a passive bystander by MPs, who said he had failed to prevent millions of customers from paying over the odds. Mr Nolan said he will not receive his £15,000 bonus this year after admitting the […]
