Ofgem's energy price cap is preventing customers from accessing lower tariffs, contributing to inflation and should be abolished, a new report has claimed
has gone"far beyond" its original purpose of providing protection for customers to become a"de facto regulated market price", centre-right thinktank the Centre for Policy Studies said.
"For almost two years almost all tariffs have been priced at or just below the capped level, with no evidence this will change in the near future - meaning the government is effectively setting the market price for energy and eliminating any chance of customers switching to a better deal," CPS energy and environment researcher Dillon Smith said.
The report urges the government to move"from a wartime to a peacetime regulatory regime" by abolishing the cap and returning to a retail market"with competition at its heart". It also calls for stronger protections against fuel poverty, such as a social tariff for households spending an excessive proportion of their income on energy bills, tackling the so-called loyalty penalty for those on default tariffs and building a resilient energy market for the long term.Craig Lowrey, principal consultant at analysts Cornwall Insight, said:"Despite recent reductions in the price cap, households are still facing bills that are well above historic levels.
"In light of this, it becomes crucial to explore alternative measures that can better protect consumers, promote fair competition, and ensure affordable and transparent energy pricing for all."
Belgique Dernières Nouvelles, Belgique Actualités
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