Energy bills to be adjusted more regularly to avoid price shocks
Ofgem said updating the price cap more regularly would also help energy suppliers better predict how much energy they need to purchase for their customers. This in turn could help reduce the risk of more suppliers failing.
But Simon Francis, of the campaign group End Fuel Poverty Coalition, said the decision was "simply inhumane". The energy price cap introduced in 2018 is based on the price energy suppliers pay producers for their electricity and gas. It sets a maximum suppliers can charge per unit of energy and caps the level of profits an energy supplier can make.
Ofgem warned this mean the price cap, which will be published at the end of August, would rise again, but by changing it every three months any reductions in wholesale prices would be passed on more quickly to customers.
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