An energy price cap for two million of the most vulnerable households will be fast-tracked into place by January, under Ofgem plans to be unveiled within weeks. The industry regulator has told companies that it will press ahead with the idea and may also extend the cap to cover hundreds of thousands more households as it battles criticism that it is failing to protect customers. Ofgem wants the cap to be in place earlier than the April start date many in the industry had expected, in order to cut bills through the winter. The plan will fall significantly short of a cap for all 17 million households on expensive standard tariffs promised by Theresa May before the election, reigniting a political row. Ofgem’s announcement is scheduled before the end of September, putting the ball back in the government’s court before the Conservative party conference at the start of October. About four million households with pre-payment meters (PPM) are currently covered by a regulated price cap that was introduced last April on the recommendation of the Competition and Markets Authority.
Times 31st Aug 2017 read more »