Energy: Prices
(asked on 16th March 2022) - View Source
Question to the Department for Business, Energy and Industrial Strategy:
To ask Her Majesty's Government what plans they have to introduce a new cap on energy prices.
Answered by
Lord Callanan
Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
This question was answered on 30th March 2022
There are no plans to introduce a new cap on energy prices. The Energy Price Cap is a temporary measure until competition in the market improves.
The Government announced in July last year that it would seek new legislation to enable future extensions of the price cap beyond 2023, if the conditions for effective competition are not in place.
Ofgem is required to set the energy price cap at a level that reflects the efficient cost of supplying households with gas and electricity.