Ofgem said today that the energy price ceiling would henceforth be revised every three months rather than every six months, citing the “extremely hard winter ahead” for households.
According to the energy regulator, the move to quarterly revisions ensures that “prices paid to bill-payers are a better representation of actual gas and electricity costs.”
This will enable “energy suppliers to better manage their risks, creating a more secure market and helping to keep costs down for everyone,” Ofgem continued.
The energy price cap update schedule modification, according to the London-based regulator, “will go some way to provide the stability needed in the energy market.”
However, charities cautioned that while the shift in frequency may lower expenses over the long run, it “does the reverse of assisting this winter—in the heart of an energy crisis.”
Others wrote that Ofgem has to be “brought under control” and “isn’t fit for purpose” and that “a price cap every three months is essentially not having a price cap.”
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