Update on our plans for retail energy price caps
Correspondence and other
Supply and Retail Market
On 26th February, the Government introduced proposals for legislation to Parliament, to introduce a temporary tariff cap for customers on Standard Variable (SVT) and default tariffs. This proposed legislation creates a new statutory role for Ofgem to deliver this measure for Government. Ofgem will have a new duty to design and implement the tariff cap (the ‘default tariff cap’). This letter sets out our understanding of our proposed new duties and explains how we plan to fulfil these in the coming months.