Energy bills to be adjusted more regularly to avoid price shocks
The energy price cap introduced in 2018 is based on the price energy suppliers pay producers for their electricity and gas. It sets a maximum suppliers can charge per unit of energy and caps the level of profits an energy supplier can make.
Russia is one of the world's biggest gas producers and has already cut supplies to some European countries. Meanwhile, Western nations have also moved to phase out Russian imports in response to the invasion. This has increased demand for other sources of energy, increasing global prices. It said paying a rate that is up to six months out of date in the current changeable market was "no longer sustainable and could mean either consumers paying too much for months if wholesale prices have fallen or suppliers left unable to supply gas with the money they are allowed to charge if prices have risen".
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