Britain asks Ofgem to devise consumer energy price cap plan

A general view of a card in a British Gas meter

Ofgem, the energy regulator, has already capped bills for those on pre-payment meters and yesterday announced that it will extend the cap to 1million more vulnerable households this Winter.

Following the Prime Minister's announcement last week, Ofgem will work with the Government so that all those on standard variable and other default tariffs receive price protection as soon as possible if legislation is in place.

However John Penrose, a Tory MP and former minister, told The Telegraph: "A temporary relative price cap puts the customer in charge, so energy firms compete to offer the best, most creative and attractive deals".

More than 18 million customer accounts in Britain are now on a standard variable tariff or other default tariffs, many of which offer poor value to customers because they are priced higher than the fixed-rate deals available to consumers who actively seek them out.

Panama ballboy becomes worldwide hero after hilarious intervention in World Cup game
On a sensational final night of qualifiers, Roman Torres was the hero as the home side defeated Costa Rica 2-1 in Panama City. Panama's first goal against has been dubbed a " ghost goal ", after Blas Perez appeared to have been blocked on the line.

At present about 18 million customers are on some form of default tariff, which can cost hundreds of pounds a year more than the cheapest deals.

In the meantime, suppliers must step up efforts to get more of their customers on default tariffs onto better value deals.

The Government says it welcomes Ofgem's move, but claims the regulator could go further to protect everyone on default tariffs from the unfair practices affecting two-thirds of households in Britain.

The bill will be published about mid-morning on Thursday, with the business secretary, Greg Clark, due to to make a statement in the House of Commons.

Finally! Amazon introduces a waterproof Kindle; priced at Rs 21999
The Kindle Oasis is available for pre-order in Canada on Amazon.ca for $389.99 , with the device ready for shipping on October 31. Other than this, the device is IPX8 waterproof certified, as it can be submerged in water up to 2 metre for up to 60 minutes.

The energy price cap marks a regulatory shift in focus away from "switching" as the primary measure of a healthy market.

"The Government dithered for so long, arguing with the energy regulator, before finally being forced to take any action that it seems unlikely consumers will really benefit".

There has also been a guarded welcome for the draft Bill from consumer organisation Which.

Alex Neill, Which? managing director of home products and services, said: "For millions of consumers anxious about their energy bills, a cap might sound like a positive move".

Exxon Mobil Corporation (XOM) Given New $91.00 Price Target at Barclays PLC
According to Finviz reported data, The SMA20 of the stock is at 1.65 percent, SMA50 is 3.81 percent, while SMA200 is 0.5 percent. A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business.

"However, the Government must guard against any unintended consequences that undermine customer service and push up prices as a whole".

Related News:

  • Google Duo will soon be adding a screen sharing feature

    Google Duo will soon be adding a screen sharing feature

    The dynamic video streaming resolution feature of the Google Duo APp helps to make flawless video chats over the Internet. Primarily, Google's video calling app Duo will be the main app that will make video call to anyone with the app installed.
    Gucci Will Stop Using Fur in All Collections Going Forward

    Gucci Will Stop Using Fur in All Collections Going Forward

    But campaigners say there are 75m animals in fur farms globally, often kept in tiny cages and suffering disease, injuries and stress.
    Facebook to sell portable headset for virtual reality

    Facebook to sell portable headset for virtual reality

    However, there's also a 3.5mm headphone jack for private listening, or for when you're getting on your housemates' nerves. This isn't the first price drop by Oculus this year: The package was trimmed to $499 on March 1.
  • Macquarie Group Ltd. Sells 59844 Shares of Adobe Systems Incorporated (ADBE)

    Macquarie Group Ltd. Sells 59844 Shares of Adobe Systems Incorporated (ADBE)

    The Average Volume of the company is 2.01 Million, while the Volume of the company in the last trading session was 2.37 Billion. It dived, as 43 investors sold LRCX shares while 255 reduced holdings. 59 funds opened positions while 152 raised stakes.
    Anthony Martial Very Content at Man United Amidst Arsenal Rumors

    Anthony Martial Very Content at Man United Amidst Arsenal Rumors

    Sanchez is in the final year of his contract at Arsenal and looks set to leave the Gunners either in January or next summer. Additionally, Anthony Martial has also been linked recently in transfer rumors with Barcelona.
    Helios And Matheson's Stake In MoviePass Is Paying Off

    Helios And Matheson's Stake In MoviePass Is Paying Off

    In Play Stocks are volatile enough to produce good risk and reward trading opportunities for both bull and bear traders intraday. A few other technical indicators have now started to show themselves as the upside of the stock begins to take center stage.
  • Nanded Municipal Election 2017: Counting of votes to begin at 10 am

    Nanded Municipal Election 2017: Counting of votes to begin at 10 am

    In the run up to the polls, Chief Minister Fadnavis had accused the Shiv Sena of lobbying with the Congress to defeat the BJP. Congress has crossed the half way mark and was on its way to winning the Nanded Waghala Municipal Corporation Elections.

    Pilgrim's Pride Corporation (NASDAQ:PPC) Valuation According To Analysts

    As long as profit margins and other details stay intact, Pilgrim's Pride Corporation can continue to provide value for investors. Pilgrim's Pride Corporation (NASDAQ:PPC) appreciated by 0.77% at $28.97, after hitting low of $28.76 in an intra-day trade.
    Aarushi murder case: Allahabad High Court to deliver verdict today

    Aarushi murder case: Allahabad High Court to deliver verdict today

    December 29, 2009: A year later, the CBI files a closure report saying that there are no sufficient evidences in the case. It is the case of May 2008, when 14 years old Aarushi found dead in her house of Clifford Vihar area in Noida.
  • Porsche built an electric Cayman concept that's surprisingly quick

    Porsche sticks by its original claim that the Mission E will be able to charge to 80 percent capacity in just 15 minutes. Some of the most interesting cars never leave the concept phase.
    FM Çavuşoğlu discusses visa crisis with U.S.  counterpart Tillerson

    FM Çavuşoğlu discusses visa crisis with U.S. counterpart Tillerson

    Defense Secretary Jim Mattis said the dispute has not affected the U.S. military's relationship with Turkey's armed forces. He added that the arrest of an employee of the US Consulate General was carried out within the law.
    Sanchez and Ozil could leave in January, admits Wenger

    Sanchez and Ozil could leave in January, admits Wenger

    Asked if he was anxious about Sanchez's mental state, Wenger said: "I will have to speak to him". If he keeps going like he's going at the moment, he will go to the World Cup, I'm sure.


Most liked

African football legend George Weah wins Liberia Presidential Election
A runoff election was widely expected with 20 candidates vying to replace Ellen Johnson Sirleaf, Africa's first female president . The final results are due to be declared today by Liberia's National Elections Commission (NEC).

Hurricane Ophelia continues in Atlantic
It will coincide with the 30th anniversary of the Great Storm of 1987, which hit southern England overnight on October 15. The Category 1 storm now poses no threat to land, forecasters said, and no watches or warnings have been issued.

Will JPMorgan Chase & Co's (JPM) Earnings Grow Over The Next Year?
The company was maintained on Thursday, July 27 by Barclays Capital. 4,280 are held by Df Dent Inc. (NYSE:JPM) for 26,546 shares. Jefferies maintained the stock with "Buy" rating in Wednesday, October 7 report. (NYSE:JPM) for 428,492 shares.

Lufthansa Set To Sign Air Berlin Deal
Spohr told the Rheinischen Post he did not believe Lufthansa's deal with Air Berlin would result in higher airfares. It made a loss of about 782 million euros previous year .

District Attorney Defends Decision Not to Prosecute Harvey Weinstein
We take on many, many many hard sex crime prosecutions, with individuals irrespective of their background or their money. The audio recording was made after Gutierrez went to the New York Police Department with a complaint about Weinstein.

HMD Global's Nokia 9 gets leaked in new render
The renders even though come from reliable leakster @ OnLeaks , but it's hard to predict whether this is the final design or not. These renders are based on CAD files of the Nokia phone, but that doesn't mean that it's 100% accurate.

Oldham Athletic pursue Paul Scholes for manager's job
A combination of the pair can not be ruled out, although Wellens is keen to carry on the work he feels he has already started. Most of Scholes's time at present is taken up as a media pundit for BT Sport and as co-owner of non-league Salford City.

EC set to announce polls to Gujarat, Himachal assemblies
New Delhi :The Election Commission will announce the dates for the Assembly polls in Gujarat and Himachal Pradesh at 4 pm today. A K Joti also said that voter-verified paper audit trail (VVPAT) system will be used in over 50,000 booths in Gujarat.

County issues air quality health advisory
The controlled fire planned at Castle Air Base has been canceled, according to the Merced County officials. The smoke in the air is due to a series of wildfires in Northern California.

Google to 'permanently remove' Home Mini's faulty recording feature
A reviewer recently discovered that the gadget was secretly recording all his conversations. Users and tech experts have applauded Google's quick response and action to the bug.

SpaceX launches satellites from Vandenberg, completes landing
This was the third successful launch by the Hawthorne-based company using an already flown 16-story-tall booster. The same booster first flew on a February mission to the International Space Station with a Dragon capsule.

Is Aamir Khan playing Anu Malik in Secret Superstar ?
Now, Aamir is all set for his next movie 'Secret Superstar' , which will release on Diwali, this year. Aamir Khan Productions' upcoming film Secret Superstar has created a lot of buzz among the audience.

Ashish Nehra set to retire from cricket on November 1
He was also a part of the 2011 World Cup-winning squad with a match-turning performance in the semi-final against Pakistan. He has played 17 Tests (44 wickets), 120 ODIs (157 wickets) and 26 T20Is (34 wickets).

Disney's Movies Anywhere launches with five of six studios on board
This means that both Disney Movies Anywhere and the UltraViolet platforms are still separate, but the latter is now running on the same sort of technology.

Columbia's Radamel Falcao admits discussing draw with Peru's Renato Tapia
South American media has branded the incident the "Lima Pact" but there is little evidence Falcao, 31, did anything dishonest. He told Colombian outlet Win Sports: "I believe that Colombia today can play against anyone".