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Therefore, a key part of its role is to set a limit – the price cap – on what energy firms charge customers on default, or standard variable, tariffs. Variable tariffs have previously been ...
Notably, in 2018, the UK Government introduced a form of price cap regulation through a new cap for gas and electricity customers on standard variable tariffs. [3] In August 2022, the energy price cap was raised to £3,549 which would have pushed 8.2 million people into fuel poverty in October 2022 until March 2023.
In September 2018, Ofgem proposed that the initial level of the "default tariff price cap" would mean that energy suppliers would not be allowed to charge more than £1,136 a year for a typical dual fuel customer paying by direct debit, and that this would save the 11 million British households on default or standard variable tariffs an average ...
In October 2017, Prime Minister Theresa May announced her intention to introduce a cap on standard variable tariffs for energy customers, to be designed and implemented by Ofgem. [23] The Domestic Gas and Electricity (Tariff Cap) Act 2018 (c. 21) received royal assent on 19 July 2018. [ 24 ]
The energy price cap was introduced in January 2019 and is set by regulator Ofgem to determine the amount energy suppliers can charge customers on their standard variable tariffs.
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The Big Six were the United Kingdom's largest retail suppliers of gas and electricity, who dominated the market following liberalisation in the late 1990s. By 2002, six companies – British Gas, EDF Energy, E.ON, RWE npower, Scottish Power and SSE – had emerged from the 15 former incumbent monopoly suppliers (the 14 regional public electricity suppliers and British Gas).
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