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Ofgem- do they lower the cap??!!
Ok so now the cap has been in place for a while now. Companies have pretty much increased their rates to the cap making everyone's bills more expensive. (Similar to the min wage-"I don't have to pay you more than the min wage so f#@k off").
I'd imagine that next year's fix term tariffs finish and it'll be the same tariff for every single provider. (Comparison sites even say now not to bother as prices all the same).
So to the question. Will the prices now ever go down and the cap lowered by Ofgem, or are we now just to put up with the high prices forever? Who's watching the watchers?!!
I'd imagine that next year's fix term tariffs finish and it'll be the same tariff for every single provider. (Comparison sites even say now not to bother as prices all the same).
So to the question. Will the prices now ever go down and the cap lowered by Ofgem, or are we now just to put up with the high prices forever? Who's watching the watchers?!!
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Comments
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The cap is currently too low since it is forcing energy companies to sell at a loss, resulting in many going bust. The cap is not some sort of conspiracy that is punishing consumers.
Could the cap be reduced at some point in the future? Yes. Will it in the short term? Not a chance. It will, and MUST, go up.
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We'll see. I didn't say it was a conspiracy. I do have my doubts tho that it will ever go back down.0
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The cap has been lowered in the past. I can't see anything that would prevent that happening again, short of direct government intervention.
N. Hampshire, he/him. Octopus Intelligent Go elec & Tracker gas / Shell (now TT) BB / Lebara mobi. Ripple Kirk Hill member.
2.72kWp PV facing SSW installed Jan 2012. 11 x 247w panels, 3.6kw inverter. 33MWh generated, long-term average 2.6 Os.Not exactly back from my break, but dipping in and out of the forum.Ofgem cap table, Ofgem cap explainer. Economy 7 cap explainer. Gas vs E7 vs peak elec heating costs, Best kettle!1 -
PS here's Ofgem's own graphic illustrating this (from here):
N. Hampshire, he/him. Octopus Intelligent Go elec & Tracker gas / Shell (now TT) BB / Lebara mobi. Ripple Kirk Hill member.
2.72kWp PV facing SSW installed Jan 2012. 11 x 247w panels, 3.6kw inverter. 33MWh generated, long-term average 2.6 Os.Not exactly back from my break, but dipping in and out of the forum.Ofgem cap table, Ofgem cap explainer. Economy 7 cap explainer. Gas vs E7 vs peak elec heating costs, Best kettle!4 -
The cap is partly why a lot of these companies are going to the wall, they are being forced to sell energy at below cost, if it wasn’t for the cap prices would currently be a lot higher, then they are so in effect the cap is protecting us from high prices this winter whereas previously all it did was protect people who were complacent about switching or being on the ball with going on another deal, which included a lot of elderly customers.0
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I remember that when Theresa May introduced the energy price cap it seemed a bit meaningless for an already pretty well regulated industry. A lot of fanfare but it would only make a difference to a handful of people. Turned out to be a bit more useful to the average consumer than that.
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