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Eon has become the first supplier to announce price increases in line with the new level of the price cap.
5 years ago
Industry analysts predict the price cap will decrease in the next review - due to falling wholesale costs.
Industry voices have given a mixed reaction to the news Ofgem is to raise the default tariff cap on standard variable tariffs (SVT) by £117.
The regulator blamed a rise in wholesale costs for the cap increase, with Ofgem estimating that around £74 of the £117 increase in the default tariff cap is due to higher wholesale energy costs.
This week was a milestone in the water sector with Ofwat revealing its initial assessment of business plans for PR19.
Three renewable energy suppliers have been offered a temporary derogation for renewable standard variable tariffs (SVTs) from the default tariff cap.
2018 will be remembered for a number of key events in the energy retail sphere, namely the confirmation of the energy price cap and the influx of failing energy suppliers.
Moody's said it took into account the announcement of 17 December that the merger between SSE and fellow large supplier Npower will not occur as previously announced.
Dermot Nolan has today (11 December) announced his intention to stay in his post as chief executive of Ofgem until the end of February 2020.
Some of the most vulnerable customers may experience price increases as companies align their unit prices with the incoming price cap.
Ofgem has today (6 November) set the final level of the incoming energy price cap at £1,137, which is just £1 higher than the proposed amount.
Rates of fuel poverty remain disturbingly high, with too many households struggling to pay their
Existing industry regulators like Ofgem and Ofwat should be replaced with a single watchdog to oversee all utility network functions, a Tory MP has urged.
6 years ago
The chief executive of Eon UK, Michael Lewis, has made no secret of being opposed to the price cap "since the beginning" but, speaking at Utility Week Congress in Birmingham today (9 October), he urged it is "critical" we get it right as "parliament has spoken".
Cave has already joined the regulator as a non-executive director until he takes over as chair from David Gray who is retiring following his five-year term at Ofgem.
"Irrespective of the cap, the industry must continue to focus relentlessly on improving the service provided to all customers"
The industry regulator proposes the cap to be set at £1,136 per year for a typical dual fuel customer paying by direct debit. When it is introduced suppliers will have to cut their prices to at or below the level of the cap.
Industry regulator Ofgem has delayed the publication of its proposals for the incoming energy price cap to allow more time to consider consultation responses.
The incoming energy price cap will not stop bill increases, consultancy firm Cornwall Insight has
Ofgem says the increased tariff is due to higher wholesale gas and electricity costs since the level was last updated in February to protect one million more customers who receive the Warm Home Discount.