Energy price cap plans to be published

Energy price cap plans to be published

Following the Prime Minister's announcement last week, Ofgem will work with the Government so that all those on standard variable and other default tariffs receive price protection as soon as possible if legislation is in place. She said her center-right government was trying to fix a market that punishes customers for their loyalty to a supplier.

"I have been clear that our broken energy market has to change - it has to offer fairer prices for millions of loyal customers who have been paying hundreds of pounds too much", May said on Thursday.

However John Penrose, a Tory MP and former minister, told The Telegraph: "A temporary relative price cap puts the customer in charge, so energy firms compete to offer the best, most creative and attractive deals".

British Gas owner Centrica and fellow "big six" supplier SSE saw their share values come under further pressure.

FILE PHOTO: A gas cooker is seen in Boroughbridge, Britain, November 13, 2012.

The bill will be published about mid-morning on Thursday, with the business secretary, Greg Clark, due to to make a statement in the House of Commons.

In the meantime it said it was introducing new rules to allow suppliers to roll customers coming to the end of their contracts onto another fixed deal instead of a poor value standard variable tariff.


Energy prices could be capped until 2023, the government has said, as it unveiled draft legislation to limit bills for up to 15 million households.

It set out exceptions covering tariffs already benefiting from protection and tariffs with environmental benefits.

However, Ofgem said on Wednesday that it would have to wait for legislation to be in force before it could take action on standard variable tariffs.

The cap is seen as a way to appeal to those voters who, after seven years of public spending cuts, are struggling with rising inflation and weak wage growth.

The regulator is also working on plans to extend its price protection plan to a further 2 million vulnerable households by next winter, but Nolan said this would be dependent on the timing of the government's legislation.

They argue intervention in the market does not promote competition.

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