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.

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).

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.

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.

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".

21-year-old youth dupes Amazon India
According to the report, neither the police nor Amazon elaborated on the process of verification of such refund demands. Chopra had opted for cash on delivery on all their orders and would pay through gift vouchers.

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

Related News:

  • Will JPMorgan Chase & Co's (JPM) Earnings Grow Over The Next Year?

    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.
    Finally! Amazon introduces a waterproof Kindle; priced at Rs 21999

    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.
    Is Aamir Khan playing Anu Malik in Secret Superstar ?

    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.
  • Has Apple enlisted LG for foldable iPhone display?

    Has Apple enlisted LG for foldable iPhone display?

    Now, let's hope Apple will soon find a way to bury all the cameras and sensors in the iPhone X's notch under the display. Also, it is pointed out that is LG ready to produce rigid flexible printed circuit boards or RFPCBs for smartphones.
    Arsenal´s defensive woes mount with Mustafi out for up to six weeks

    Arsenal´s defensive woes mount with Mustafi out for up to six weeks

    ARSENAL have been hit by a major defensive injury crisis after Shkodran Mustafi was ruled out for six weeks with a groin problem. Arsenal could be boosted by the return of Laurent Koscielny against Watford .
    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.
  • Hurricane Ophelia continues in Atlantic

    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.
    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.
    Disney's Movies Anywhere launches with five of six studios on board

    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.
  • 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.

    Digital Realty Trust Inc (NYSE:DLR) 2017 Q2 Sentiment

    BidaskClub upgraded Brandywine Realty Trust from a "sell" rating to a "hold" rating in a report on Saturday, August 26th. The stock of EnLink Midstream Partners LP (NYSE:ENLK) has "Buy" rating given on Sunday, July 30 by RBC Capital Markets.

    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.


Most liked

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.

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.

Election Commission of Pakistan issues arrest warrant against Imran Khan
The IHC has yet to decide on Imran's petition challenging the power of the top poll body to prosecute a contempt case. Later, when the PTI chief did not submit any response, the ECP issued a second show-cause notice to him on August 24.

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.

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.

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.

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.

Presidential election will go on, Kenya's Supreme Court rules
The country is East Africa's largest economy and the world's largest tea grower, as well as a major manufacturing hub. The Kenyan stock exchange fell on Wednesday , and yields on Eurobonds rose 5 basis points after Odinga's announcement.

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.

Tracking Shares of H&R Real Estate Investment T (HRUFF) — Market Focus
The stock of Alexandria Real Estate Equities Inc (NYSE:ARE) has "Buy" rating given on Tuesday, September 8 by Evercore. Finally, Evercore ISI cut Alexandria Real Estate Equities to a "buy" rating in a research report on Friday, March 3rd.

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.

Wenger: We'll give Wilshere enough games to make WC squad
But he stayed with Arsenal and has since played three games upon his return from injury. Defending In Numbers is a new Deezer Originals football podcast, created by Squawka.

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).

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".