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Energy price cap tweak may lead to faster rises in household bills
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Energy regulator Ofgem has set out plans to tweak the energy price cap more often to keep pace with fast-moving market prices, in a move which could mean over 15m households face higher bills more often.
In response to lobbying by energy companies, and after the collapse of 21 smaller suppliers since wholesale prices spiked in September, Ofgem has proposed a change to the rules for the first time since price capping was introduced in early 2019.
Under current rules, the cap can only be changed every six months. The plans outlined would allow Ofgem to recalculate the level more frequently, but only during “exceptional or unprecedented market changes such as the high global gas prices we have been experiencing recently”.
Ofgem is seeking the
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