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UK energy regulator to take ‘bold action’ over price cap as crisis deepens
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The energy industry regulator is poised to take “bold action” to overhaul the price cap protecting millions of households from rocketing bills as suppliers face a deepening energy crisis this winter.
In an open letter to the industry, Ofgem promised to open a consultation on how the energy price cap is calculated as soon as next month to make sure that it allows suppliers to recover their costs.
The regulator did not suggest any specific changes in the letter but the industry is expected to take the opportunity to call for the price cap, which changes only twice a year, to be more responsive to swings in the market by changing as often as once every quarter.
“These are challenging times, requiring bold action,” Jonathan Brearley, the chief
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