Economy

Limited energy cap to be introduced

Limited energy cap to be introduced”

The regulator's headline measure was that it was to extend price protection to one million more vulnerable customers this winter - saving them an average £120 - through its pre-payment safeguard tariff.

The regulator also said it would work with the government to cap energy bills for a larger group of people who are on standard variable tariffs, but added that it would have to wait until legislation is passed before it could act.

Last week Theresa May announced plans to impose price caps for those customers on standard variable tariffs (SVT) - an energy suppliers "default" tariff.

Half of United Kingdom households are still on SVTs despite a pick-up in switching.

More than 18 million customer accounts in Britain are now on a standard variable tariff or other default tariffs, many of which offer poor value to customers because they are priced higher than the fixed-rate deals available to consumers who actively seek them out.

The regulator said it will work on extending price protection to at least 2m more vulnerable households for winter next year, once the timing of the government's price cap is put in place.

In the meantime, suppliers must step up efforts to get more of their customers on default tariffs onto better value deals.

Ofgem will be carefully monitoring to ensure any new default deals do not become another way to penalise customers who rarely switch.

The Prime Minister pledged to cap energy prices during her Conservative party conference speech, saying she would bring an end "to rip off energy prices once and for all".

"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 in an emailed statement on Thursday.

Britain's energy market is dominated by the so-called big six providers - Centrica's British Gas, SSE, Iberdrola's Scottish Power, Innogy's npower, E.ON and EDF Energy, which account for about 85 percent of the retail electricity market. An enquiry by the Competition and Markets Authority found no evidence of cartel behaviour between the major six utilities in its investigation, which concluded past year.



Like this

Latest


12 October 2017
Las Vegas Sands Corp (NYSE:LVS) Institutional Investor Sentiment Analysis
Ten research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Las Vegas Sands Corp. on 6/29/2017 reported its EPS as $0.72 with the analysts projecting the EPS of the stock as $0.6.

12 October 2017
Virat Kohli: We weren't good enough with the bat
He swings the ball, he's got pace. "Few ones that I got hit to the boundary probably weren't where I needed to be bowling". So you know, Australian bowlers made the most of the wicket, I think we tried to rebuild it.

12 October 2017
Amazing Stories: Apple Makes Deal with Steven Spielberg for Series Reboot
Apple hired a new team made up of former Sony executives to produce and buy television shows, Bloomberg reported . To develop the 10-episode series, Apple has partnered with Spielberg's Amblin Television and NBC Universal.

12 October 2017
Buy or Sell? What Analysts Recommends: Celgene Corporation (CELG), Zions Bancorporation (ZION)
Following the completion of the transaction, the insider now owns 3,925 shares of the company's stock, valued at $564,768.25. In related news, Director Gilla Kaplan sold 9,250 shares of the company's stock in a transaction on Tuesday, September 12th.

12 October 2017
Boston Celtics 2017-2018 NBA Preview : Kyrie's New Band
Jaylen Brown scored 12 for the Celtics, who got 15 apiece from Terry Rozier and Abdel Nader. "Like I said, we're just waiting". Redick did a good job at backcourt finishing the game with 12points, 1 rebound and three assists.

12 October 2017
Jay-Z Plotting To Buy Harvey Weinstein's Interest In The Weinstein Company?
Sal Ramirez , a public information officer with the Los Angeles Police Department, confirmed to LAist that, on 10:37 a.m. Police then arrived at the home shortly thereafter, but Weinstein had left. "No arrests were made".

12 October 2017
Health Advisory for Western Nevada County for smoke through October 13
Older adults, pregnant women, children and those with preexisting heart and lung conditions are particularly vulnerable. It is imperative that Bay Area residents protect their health, especially in Napa and Sonoma counties.

12 October 2017
JSF details among data hacked from Defence subcontractor
He said they used a hacking tool called China Chopper, which is reportedly widely used by Chinese hackers . It could be a state actor, it could be a non-state actor.

12 October 2017
Brocade Communications Systems, Inc. (BRCD) Stake Reduced by ProShare Advisors LLC
More news for Brocade Communications Systems, Inc . (NASDAQ: BRCD ) shares ended at $12.28 with 3.52 mln shares exchanging hands. Moreover, Howard Cap Mgmt has 0% invested in MusclePharm Corp (OTCMKTS:MSLP). 236,407 are owned by Peak6 Invests Lp.

12 October 2017
'Shine a Light' on domestic violence
They also offer programs to help those who have committed violence against a partner and family therapy programs. Congress passed a law assigning October as National Domestic Violence Awareness Month .



Recommended