Penrose calls for ‘emergency circuit breaker’ in price cap

The MP who led the charge for the energy price cap has called for further reform of the mechanism to tackle the so-called loyalty penalty. John Penrose wants Ofgem to restructure the cap so that energy suppliers can’t charge existing customers more than new ones. He also suggested implementing an “emergency circuit-breaker”, allowing the regulator to intervene if prices suddenly rise or fall significantly.

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