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HomeRenewablesCornwall InsightOfgem set to announce new enery price cap

Ofgem set to announce new enery price cap

Regulator Ofgem is set to unveil the new energy price cap on 24th May, which could see average household bills drop by over £100.

Analysts at Cornwall Insight predict that the current cap of £1,690 per year may decrease to approximately £1,559 for the period spanning July to September.

Since its inception in January 2019, the price cap has undergone periodic adjustments to safeguard consumers from overpaying on variable tariffs.

However, Ofgem is now considering revisions to ensure fairness and align with the objectives of net zero emissions.

Options under consideration include factoring in time-of-use or vulnerability, alongside measures to limit supplier margins.

Ofgem’s consultation, which closes on 6th May, invites input from various stakeholders, including charities, consumer groups, businesses, billpayers and suppliers.

Energy Live News
Energy Live News
This article first appeared on Energy Live News, an award winning news service. Their mission is to give you balanced news, analysis, commentary of energy from their dedicated team of quality journalists and production staff.
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