Energy price cap to be reviewed

Options

The UK energy watchdog has said it will review how the price cap on gas and electricity bills is calculated following a series of company failures.

Ofgem said there had been an "unprecedented" rise in wholesale energy prices.

Suppliers are unable to pass on the full rise to consumers because of a price cap on household bills, prompting a number of firms to collapse.

Ofgem will examine if the price cap reflects the risks facing companies.

https://www.bbc.co.uk/news/business-59088216

Comments

  • MWT
    MWT Posts: 9,252 Forumite
    First Anniversary First Post Name Dropper
    edited 29 October 2021 at 9:36AM
    Options
    No impact on the current price cap though, just in case anyone was worried.
    "It will launch the consultation in November. A decision on any changes will be published in February, when the new price cap will be announced before it is implemented in April."


Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards