Centrica jumps as price cap for energy bills ends uncertainty
Centrica jumps as price cap for energy bills ends uncertainty
Dermot Nolan head of Ofgem said that the cap was tough and would ensure households paid a fair price for their energy Nick Ansell Press Association
09 September, 2018, 06:44
The price cap, which Ofgem said would save 11 million households on default deals about £75 on average, removes uncertainty that has weighed on the energy market.
"When the price cap is introduced suppliers will have to cut their prices to the level of or below the cap, proposed to be £1,136 per year for a typical dual fuel customer" whose pay monthly from their bank accounts, Ofgem said Thursday.
Finally, Ofgem will be able to change the cap every six months to reflect the costs that providers can't control, such as oil and gas prices.
"Once the price cap is in place, all households in Great Britain covered by the cap will be protected from being overcharged for their energy".
Dermot Nolan, chief executive of Ofgem, said it was "a tough price cap which will give a fairer deal to consumers".
Ofgem's cap is in the lower range of analysts' expectations, who pegged it at between 1,120 and 1,200 pounds.
"If costs increase, Ofgem will ensure any rise will be due to genuine increases in energy costs rather than supplier profiteering", he said.
The Energy and Clean Growth Minister Claire Perry says today's proposals "are a step forward as this Government delivers an energy market that puts consumers at its heart", but in actual fact the new cap could prove an own goal for customers.
How Much Will The iPhone XS Max Cost? It goes without saying that the LCD model will be priced lower than the other two iPhones that will be launched in the event. The new edition of the rumored $1,000 Macbook could step up their game by putting an end to the age-old 1440×900 resolution.
The cap could stay in force until 2023, although the Secretary of State could lift it before then if the market becomes more competitive.
"There are over 100 tariffs available right now which are cheaper than the proposed level of the price cap at £1,136", he said. Customers on SVT pay on average £1,185 a year.
The price cap will apply to default standard variable tariffs (SVTs), the price plans offered by energy companies which are typically the most expensive.
Nevertheless, the company reiterated its position that caps were not sustainable for the United Kingdom energy market.
"It is vital that the regulator, Ofgem, makes it very clear that the price cap is a temporary solution and that people will still most likely only get the best deals by shopping around for fixed tariffs".
Lawrence Slade, chief executive of Energy UK, the trade body for suppliers, said: "There are over 70 suppliers in the energy market who will now be assessing how this impacts their individual business, however for many suppliers this will pose a significant challenge. The best way to drive down prices is to increase competition through regular switching".
Finally, Stephen Murray, energy expert at MoneySuperMarket, adds: "It's also worth noting the price cap can easily go up as well as down, so those savings aren't even guaranteed".
Miller famously helped Ariana overcome her grief after a terrorist attack at her Manchester concert in May a year ago . The LA coroner said the cause of Miller's death is yet to be determined by a post-mortem examination.
The company says it has 23 reports of smoke or fire in the USA and Canada , but it's not aware of any injuries. When the pretensioner activates, it exhausts gases inside of the B-pillar, and sparks can ignite these gases.
Kim insisted that formally ending the Korean War had nothing to do with USA troops stationed in South Korea, Chung said. Now, Pyongyang is pushing for a peace treaty - and is insinuating that the U.S.is standing in the way.
Trump will chair a UN Security Council meeting on Iran during an annual gathering of world leaders in NY later this month. Russian Federation has suggested the rebels could use chemical weapons in a final battle for the rebel stronghold.
Models wear the the Spring/Summer 2018 collection for Burberry on the second day of The London Fashion Week , September 16, 2017. One of his first moves was to appoint Tisci, who Gobbetti worked with at Givenchy, as Burberry's chief creative officer.
During the rally, he pinned the rose emblem of the Democratic Socialists of America on his shirt, the Billings Gazette reports. Tyler Linfesty , not exactly a Trump supporter, explained he wanted to go to "see the President and hear what he had to say".
A very strong natural disaster struck off the coast of Fiji this morning but does not pose a tsunami threat to Hawaii. An initial reading by USGS put the quake at a magnitude of 8.1 but that was revised downward.
On the other hand, Osaka is also chasing history as she bids to become the first-ever Japanese player to win a Grand Slam. The 36-year-old American will play Japan's Naomi Osaka in Saturday's final after the 20th seed beat Madison Keys .
That said, in Keys Osaka faces one of the few players capable of matching her blow for blow and not missing. She then dropped the first set to Serbia's Aleksandra Krunic but battled back to claim a 4-6 6-1 6-2 win.
The authors point out that, although the relative risk was increased, the absolute risk remained low for the individual patient. Diclofenac is a NSAID used for treatment of pain and inflammation with the brand names Voltaren, Cataflam and Zipsor.
BMW introducing voice-activated digital assistant
It will land in the U.S., Germany, UK, France, Spain, Switzerland, Austria, Brazil, Japan at that time and hit China in May 2019. It's not clear if this means drivers would be able to say "Hey Bob" instead of "Hey BMW ".
Shooting under investigation in downtown Cincinnati
She was on a conference call when she walked into lobby's revolving doors as the shooting began, the bank said in a statement. He says an investigator told him the suspect had enough ammunition to cause "a bloodbath beyond imagination".
Celebrities React to Burt Reynolds' Death on Twitter
He also had a high-profile romance with actress Sally Field , described by Reynolds as "the love affair of my life". He played jocks in movies like "Semi-Tough", and starred in romantic comedies, including " Starting Over ".
Everybody move up: Tesla shuffles executive ranks
Tesla shares fell as much as 10 percent to $252.25 in morning trading in NY , the steepest intraday drop since June 2016. Musk criticized the use of the drug while denying it had anything to do with attempting to take Tesla private .
India's top court decriminalizes homosexual acts
Under Section 377 , the penalty was a 10-year jail term, although it has " hardly ever been used in cases of consenting adults ". In a concurring judgement, Justice Nariman said homosexuality is "not a mental disorder or disease".