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To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps his Department has taken to apply tariff caps on electricity suppliers since the Domestic Gas and Electricity (Tariff Cap) Act 2018 received royal assent in July 2018.
To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps his Department has taken to apply tariff caps on electricity suppliers since the Domestic Gas and Electricity (Tariff Cap) Act 2018 received royal assent in July 2018.
On 6 November, Ofgem set out their decision on the level of the cap, following a period of thorough consultation. This means the cap will come into force by the end of the year as we promised.
The cap will protect 11 million households on standard variable tariffs. As a result, the average household on a standard variable tariff will save £76 and customers on the most expensive tariffs will save over £130. Overall the cap will save consumers in the UK an estimated £1 billion per year.