Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps he is taking to help ensure any fall in wholesale energy costs are passed onto domestic consumers promptly.

Ofgem calculate the price cap to reflect the efficient costs of supplying energy. Ofgem now update the cap quarterly, so consumers will benefit more quickly from falling wholesale prices. The Government then applies the Energy Price Guarantee to reduce the cost of electricity and gas so that a typical household will pay an average bill of £2,500 a year until April 2023 and then £3,000 a year until April 2024. Where the efficient cost of supplying energy falls below the level of the EPG, the price cap ensures that Standard Variable Tariffs will reflect the lower cost of wholesale energy.