Ofgem to review wholesale energy allowances in price cap

Ofgem is reviewing whether allowances in the price cap are fairly reflective of actual costs incurred by suppliers, as market conditions continue to stabilise. The regulator will examine whether money needs to be returned to billpayers because retailers profited from fluctuations in power prices last year. The review will also look at the recovery period for backwardation costs in the cap should be extended.

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