Legislation to crack down on expensive energy tariffs is being introduced to Parliament on Monday. The government claims it will protect 11 million people from costly tariffs. The law will allow energy regulator Ofgem to limit what companies can charge customers for their standard variable tariffs. Energy UK, which represents gas and electricity suppliers, said it was vital the cap did not stifle competition in the energy market. The government says the Domestic Gas and Electricity Bill will limit the cost of standard variable tariffs until 2021 at least. The move is an admission that encouraging consumers to regularly switch providers to pay less has not been as successful as hoped. About a third of households pay the default tariffs, which are usually the most expensive.
BBC 26th Feb 2018 read more »
Legislation to cap energy tariffs until 2020 and save money for consumers who are being overcharged by up to £300 a year will be introduced today. The move is designed to guarantee protection for the 11 million households that are on the highest energy tariffs as well as the five million vulnerable households already protected by Ofgem’s safeguard cap.
Times 26th Feb 2018 read more »
The government is expected to make good on its promise to cap expensive household energy bills in time for next winter when it introduces new legislation to parliament on Monday. The bill will put in place a requirement on Ofgem, the energy regulator, to cap tariffs until 2020, the biggest single intervention in the UK energy market since privatisation in the 1980s. It will set an absolute cap on tariffs deemed to be poor value, protecting 11m households in Britain.
FT 26th Feb 2018 read more »