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

loading...
loading...

Latest


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
Nick Kyrgios Fined $31085 for Incident at Shanghai Masters
Also, Marin Cilic , a Wimbledon finalist this year, defeated Kyle Edmund of Britain 6-3, 7-6 (5) in the second round. Kyrgios received a warning during the 12th game of the first set after hitting two balls in anger.

12 October 2017
Ball Corporation (BLL) Now Covered by Analysts at Royal Bank Of Canada
Moreover, King Luther Capital Mngmt Corporation has 0.56% invested in Ball Corporation (NYSE:BLL) for 1.47 million shares. Quantitative Mgmt Limited Liability Corp holds 0.54% of its portfolio in Ball Corporation (NYSE:BLL) for 850,500 shares.

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
'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 .

12 October 2017
Boosts Rating On McKesson Corporation (MCK) To "Outperform"
Also, it has an estimated price-earnings (P/E) multiple of 11.56 and a trailing 12-month price-earnings (P/E) multiple of 6.65. Jennison Associates Llc increased Blueprint Medicines Corp stake by 79,142 shares to 229,142 valued at $11.61M in 2017Q2.

12 October 2017
What's Real Worth Of Calpine Corporation (CPN), Century Aluminum Company (CENX)
The stock of Prospect Capital Corporation (NASDAQ:PSEC) has "Underperform" rating given on Thursday, February 11 by Raymond James. Perhaps, that suggests something about why 93.51% of the outstanding share supply is held by institutional investors.

12 October 2017
Investor Research Report on Ichor Holdings, Ltd. (ICHR)
Francisco Partners Management LP bought a new position in Ichor Holdings during the fourth quarter valued at about $178,325,000. More recent Ichor Holdings Ltd (NASDAQ: ICHR ) news were published by: Fool.com which released: "Why Ichor Holdings Ltd ".