UK Energy Regulator Ofgem Raises Price Cap
February 07 2019 - 02:17AM
Dow Jones News
By Adam Clark
U.K. energy regulator Ofgem said Thursday that it will raise its
price cap on default tariffs from April due to higher wholesale
energy costs.
Ofgem said the cap for retail customers will rise by 117 pounds
($152) to GBP1,254 a year from April 1. The regulator adjusts the
limit twice a year to reflect the estimated costs of
electricity-and-gas supply.
The price cap was introduced at the start of 2019 and was
expected to cut GBP1 billion from consumers' bills.
The measure was introduced after regulatory criticism of high
prices being charged by the U.K.'s "Big Six" energy
suppliers--Centrica PLC's (CNA.LN) British Gas, SSE PLC (SSE.LN),
Electricite de France SA (EDF.FR), E.ON SE (EOAN.XE), Innogy SE's
(IGY.XE) Npower, and Iberdrola SA's (IBE.MC) Scottish Power.
Write to Adam Clark at adam.clark@dowjones.com;
@AdamDowJones
(END) Dow Jones Newswires
February 07, 2019 03:02 ET (08:02 GMT)
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