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The cost - which is likely to have been added to consumer bills - has been highlighted by the Renewable Energy Foundation and is now under investigation by industry regulator Ofgem.
As if electricity pricing were not complicated enough, the regulator Ofgem has proposed varying the cap depending on the time of day. Since the system was introduced, prices have been capped per unit on a universal basis covering some 29 million households on standard tariffs. It is estimated that the annual energy bill for a household using a “typical” amount of energy will fall to £1,690 from April – the lowest for two years. Even so, bills remain 49 per cent higher than pre-2021 levels.
Centrica chief’s pay nearly doubles following ‘substantial share price growth’
The highly controversial move could give firms the freedom to hike tariffs at peak periods.
The Office of Gas and Electricity Markets (Ofgem), the UK’s energy market regulator, has opened an investigation into an unnamed company for alleged abuse of dominant position