Update on retail price protection
Decision,
Correspondence and other
Publication date
Industry sector
Supply and Retail Market
Related consultations
On 18 July 2018, Parliament passed the Domestic Gas and Electricity (Tariff Cap) Bill, and it received Royal Assent on 19 July. This legislation requires Ofgem to design and implement a temporary cap on standard variable tariffs and fixed term default tariffs (‘default tariffs’). We have already started work on the design of the cap, and published a policy consultation on 25 May.
We have updated our timetable for the implementation of the default tariff cap from the one we included in the May policy consultation. This is set out in more detail in the open letter below.
As the Bill has now received Royal Assent and all customers on default tariffs will be protected this winter, we have decided not to proceed with our backstop price protection for vulnerable consumers, including data matching.