Business reporter Household energy bills could be reviewed four times a year instead of two under new plans mooted by regulator Ofgem.
It would help pass on savings from a potential fall in gas prices to customers more rapidly, the regulator said, although there were immediate concerns that it could also lead to quicker rises including in the middle of winter.
Around 23 million households in Great Britain have their energy prices decided by the energy price cap, so any change will have a huge impact on wallets across the country.
So what do the proposals mean for household gas and electricity bills?
Why is Ofgem proposing to change the price cap?
The cap has been criticised on two main fronts: it doesn't protect people who are unable to pay their bills and it has contributed to the downfall of energy suppliers who are unable to pass on rising wholesale costs to their customers.
On the first point, the government has been urged to step in to provide help for those who are struggling but has so far only promised to grant a £200 discount which will be repayable through a levy on bills over five years. Ofgem is attempting to tackle the second point by reviewing the level of the cap more frequently.
What does it mean for energy bills?
Bu hikaye The Independent dergisinin May 17, 2022 sayısından alınmıştır.
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Bu hikaye The Independent dergisinin May 17, 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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