Written question asked by Baroness Altmann (Conservative) on Monday, 30 January 2023, in the House of Lords. It was due for an answer on Monday, 13 February 2023. It was answered by Lord Callanan (Conservative) on Wednesday, 8 February 2023 on behalf of the Department for Business, Energy and Industrial Strategy.
Energy: Price Caps
- Question
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To ask His Majesty's Government what consideration they have given to reforming the way in which Ofgem manages the energy price cap.
- Answer
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There are no plans to do this.
As the expert independent regulator, Ofgem is responsible for operating the price cap. Ofgem remains the sole decision-maker over how it is calculated and has consulted extensively on its methodology for determining the cap level. The Government has confidence in Ofgem to set the cap at a level that reflects the underlying efficient costs of supplying energy.
The price cap was never intended to be a permanent feature of the market. As announced in the Autumn Statement, we are developing a new approach to protecting consumers’ energy prices from April 2024.
Secondary information
- Type
- Written question
- Reference
- HL5174
- Session
- 2022-23
- Subjects
- Energy Ofgem Price caps
- Link
- View this Written question on www.parliament.uk
Librarians' tools
- Timestamp
- 2023-02-08 12:22:50 +0000
- URI
- http://data.parliament.uk/writtenparliamentaryquestion/lords/2022-23/HL5174
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