Ofgem energy price cap
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. It applies if youre on a default energy tariff whether you pay by direct debit standard credit or a prepayment meter.
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Ofgem has announced today that from 1 April 2021 the price cap will return to pre-pandemic levels principally as a result of changes in wholesale energy prices.
. The cap level is based on a range of factors such as the wholesale cost of energy network costs policy costs operating. What is the energy price cap. In 2017 Ofgem also brought in a price cap for those with prepayment meters.
The chief executive of Ofgem has proposed changes to review the energy price cap four times a year instead of two. The energy price cap was introduced in 2019 by Ofgem to prevent companies from making excessive profits by charging unfair prices but allows these companies to pass on all reasonable costs to. Ofgem considers a range of information when deciding where the price cap should be set.
The price cap is set by Ofgem the regulator for the energy industry. This would mean that bills could go up quicker but that they could also fall. The price that energy suppliers pay for the gas and electricity they buy is a major part of this.
When wholesale prices fell sharply last year in the wake of the first lockdown the level of the price cap fell by 84 in October to its lowest level yet for the current winter period. If your supplier has stopped trading and you are switched to a new supplier you are likely on a price capped tariff. Each price cap is designed to protect customers from paying a high price for their energy.
The energy price cap is backstop protection from the government calculated by Ofgem. It wont apply if you.
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