Money Ofgem extends price cap ahead of energy legislation

08:25  12 october  2017
08:25  12 october  2017 Source:   pressassociation.com

Backlash as May pledges energy price cap

  Backlash as May pledges energy price cap The energy sector and the country's biggest business lobby group have reacted with horror to the Prime Minister's pledge to cap "rip-off" energy prices.The energy sector and the country's biggest business lobby group have reacted with horror to the Prime Minister's pledge to cap "rip-off" energy prices.

Energy regulator Ofgem is to extend its prepayment price cap to one million more vulnerable households this winter, saving them £120 a year. Wall Street edges higher ahead of U.S.-North Korea summit. LGBT super choir sings outside Parliament ahead of EU Withdrawal Bill votes.

“This will provide some short-term relief for vulnerable customers ahead of government plans for an energy price cap being realised,” it said. Ofgem said the cap would be extended to a further 2 million people in winter 2018-19.

Energy prices © Provided by The Press Association Energy prices

Energy regulator Ofgem is to extend its prepayment price cap to one million more vulnerable households this winter, saving them £120 a year.

Ofgem added that it will work on extending price protection to at least another two million vulnerable households for winter next year, once the timing of a Government price cap is confirmed.

It follows Prime Minister Theresa May’s announcement of an energy price cap last week, and Ofgem said it will work with the Government so that all customers on standard variable and other “default tariffs” receive price protection “as soon as possible if legislation is in place”.

What does your old car say about you?

  What does your old car say about you? New data protection laws will require vehicle remarketers to delete phone and satnav records Until now, firms that handle the remarketing of secondhand cars haven’t been under any pressure to delete these records, meaning they could soon be passed onto the car’s second owner.

“Our energy price cap will cut bills for millions of families.” After 2020, Ofgem will recommend to the Government whether the caps should be extended on an annual basis to 2023. Planes land at Heathrow airport ahead of the vote in parliament which decided Heathrow airport should have a third

Image caption A select committee says an absolute price cap on energy bills is required to stop customers from being over-charged. An Ofgem spokesperson said it was pressing ahead with plans to protect energy consumers in expectation of the new legislation .

The Conservatives are expected to publish draft legislation to enforce a cap on some energy prices on Thursday.

Ofgem will consult on the design of a “safeguard tariff” for default deals while the Government’s draft Bill progresses through Parliament.

Dermot Nolan, chief executive of Ofgem, said: “Ofgem shares the Government’s concern that the energy market is not working for all consumers and is determined to reduce the detriment suffered by those overpaying for their energy, particularly those who are vulnerable.

“The Government’s proposed Bill to provide price protection to those who remain on poor value default deals, such as the standard variable tariff, will give these households peace of mind about the price they pay for their energy.”

UAE hopeful of extension to oil output cut deal

  UAE hopeful of extension to oil output cut deal The United Arab Emirates Energy Minister Suhail bin Mohammed al-Mazroui said on Sunday he was hopeful producers will reach a consensus on extending an oil output cut next month. "We are hopeful that the meeting in November will be a good meeting, that it will not be so difficult to reach consensus," Mazroui told reporters in Abu Dhabi when he was asked about the prospect for an agreement on extending the oil output cut deal.He said he expected the oil market to recover in the second half of the year.

The government published draft legislation last October for a cap on the most expensive type of gas and electricity bills, paving the way for the biggest state intervention in the retail energy I wish we had acted earlier in putting a price cap in place for vulnerable consumers. Dermot Nolan, Ofgem .

A price cap on energy bills could be extended to many more households on low incomes, under plans being considered by regulator Ofgem . However, after the election, new legislation required for the cap was missing from the government's plans for the next two years.

However, the regulator warned energy suppliers that they must step up efforts to get more customers on default tariffs on to better value deals.

Ofgem is introducing new rules to allow suppliers to roll customers coming to the end of their contracts on to another fixed deal, instead of a poor value standard variable tariff.

It will monitor suppliers to ensure any new default deals do not “become another way to penalise customers who rarely switch”.

The regulator is also proposing that consumers would receive automatic compensation if their switch goes wrong.

Mr Nolan added: “We expect suppliers to do more to get customers on poor value default tariffs on to better deals.

“We also expect suppliers to co-operate when Ofgem initially introduces a safeguard tariff for around one million vulnerable households this winter.

“The introduction of further price protections will give time for Ofgem’s reforms to work and for smart meters to be rolled out across the country as we move towards a smarter, fairer, more competitive market.”

Marquez wins as Morbidelli extends championship lead .
Alex Marquez took his third win of the season in a wet shortened Japanese Moto2 race as team-mateMorbidelli extended his standings lead after a tough race for nearest rival Tom Luthi. Like the Moto3 race that preceded it, Moto2 ran to a shortened race distance of 15 laps due to delays in the morning warm-up sessions. Pole man TakaakiNakagami stormed into the lead off the line, while Luthi made a crucial launch from 11th to seventh as championship leader Morbidelli made up just one place to 13th. By the fourth lap, Morbidelli had only found himself in 11th as Luthi locked horns with HafizhSyahrin and Dominique Aegerter over sixth spot. However, Luthi‘s afternoon quickly went awry as issues with his visor saw his pace drop off – an off-track excursion at the start of the fourth lap and dropping him to 10th failed to help his cause. With his pace rapidly deteriorating, Luthi was powerless to stop Morbidelli from craving through to take 10th on lap six. The Italian proceeded to advance forward up to eighth spot, while Luthi came under threat from behind. Fortunately for the Swiss rider, the hard-charging Brad Binder – who was two seconds quicker than Luthi – crashed while hunting him down on lap eight, offering the struggling Interwetten rider some respite. At the front, Marquez hounded home hero Nakagami, and eventually broke the Japanese rider’s resolve at Turn 11 in the closing stages.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!