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UK energy consumers set to benefit from price cap
The energy regulator Ofgem has announced that it plans to extend its pre-payment safeguard tariff, or price cap, protecting 4mn households on pre-payment meters to an additional 1mn vulnerable customers on standard tariffs from February 2018. The extension could save eligible households £120 a year. However, Ofgem also noted that it would not be implementing a cap on all standard tariffs until legislation was passed.
Shortly thereafter, the UK government published the Draft Domestic and Electricity (Tariff Cap) Bill, the purpose of which is to provide for a temporary price cap for domestic consumers on standard variable tariffs (SVTs) and default tariffs. The cap will be set by Ofgem and will be temporary in nature, lasting until the end of 2020, with the potential to extend it for a further three years if needed. The cap will apply in England, Wales and Scotland.News Item details
Journal title: Petroleum Review
Region: UK
Countries: UK -
Organisation: Ofgem
Subjects: Gas markets, Electricity markets, Policy and Governance, Economics, business and commerce, Electricity generation, Gas, Energy policy, Electricity prices
