Energy regulator Ofgem today announced that the energy price cap could be reviewed every three months instead of twice a year. Ofgem considers a range of information when deciding where the price cap should be set.
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Ina FassbenderAFP By Joe Duggan Katie Grant May 16 2022 729 am Updated 1227 pm.
. The energy price cap is backstop protection from the government calculated by Ofgem. Cap on energy bills set to be extended. It applies if youre on a default energy tariff whether you pay by direct debit standard credit or a prepayment meter.
Each price cap is designed to protect customers from paying a high price for their energy. The energy regulator is considering whether to review the price cap four times a year instead of twice which could see millions of households facing far more uncertainty over their bills. Ofgem considers a range of information when deciding where the price cap should be set.
It comes as staying on top of energy bills is becoming a daily battle. However the Ofgem chief executive Jonathan Brearley said prices were. If your supplier has stopped trading and you are switched to a new supplier you are likely on a price capped tariff.
The price that energy suppliers pay for the gas and electricity they buy is a major part of this. What is the energy price cap. The energy price cap currently at a record 1971 per year for the average household is reviewed every six months and changed in October and April.
National Grid to pay customers 200m after trading electricity with Europe. Energy costs are matter of life and death for some people. Ofgem has confirmed plans to review the energy price cap quarterly rather than every six months starting in October 2022.
It wont apply if you. Since 2019 the energy regulator Ofgem has imposed a default energy price cap on energy prices for customers on a default or standard energy tariff. In 2017 Ofgem also brought in a price cap for those with prepayment meters.
The price that energy suppliers pay for the gas and electricity they buy is a major part of this. The energy market has faced a huge challenge due to the unprecedented increase in global gas prices a once in a 30-year event and Ofgems role as energy regulator is to ensure that under the price cap energy companies can only charge a fair price based on the true cost of supplying electricity and gas. The energy price cap could be reviewed every three months Ofgem has warned Photo.
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