Comment on Ofgem changes to price cap
ECIU's Jess Ralston comments on Ofgem's changes to the price cap methodology and frequency.
By George Smeetoninfo@eciu.net
Information on this page correct as of:
Commenting on Ofgem changes to the price cap methodology and frequency , Jess Ralston, Senior Analyst at the Energy and Climate Intelligence Unit (ECIU), said:
"Rocketing global gas prices already look set to force families bills up by over £2000 this year and are the underlying cause of suppliers going bust. Updating the price cap quarterly will help energy companies pass on their increased costs more quickly, Ofgem hope reducing the chances of more supplier failures which have cost consumers about £100 to date, but it's not an answer to surging gas bills and in the short term may mean that bills seemingly go up more often.
“The most logical and quickest way to lower our bills is to accelerate net zero policies like insulating our leaky homes and building out more renewables so we are shielded from the interference of Putin's actions. However, time is ticking for Government to act before winter weather really starts to bite, as fuel poverty experts are clear that the current package won't be enough to help those already at breaking point."
Notes to editors:
- Ofgem confirms changes to the price cap methodology and frequency ahead of new rate to be announced later this month: https://www.ofgem.gov.uk/publications/ofgem-confirms-changes-price-cap-methodology-and-frequency-ahead-new-rate-be-announced-later-month
For more information or for interview requests:
George Smeeton, Head of Communications, ECIU, Tel: 07894 571 153, email: firstname.lastname@example.org