New calls for social energy tariff to protect people from fuel poverty this year

Ofgem’s energy price cap is preventing customers from accessing lower tariffs, contributing to inflation and should be abolished, according to a new report. The Centre for Policy Studies said that the cap has gone “far beyond” its original purpose of providing protection for customers to become a “de facto regulated market price”.

Mr Smith said: “Contrary to its original intent, the energy crisis has transformed the Energy Price Cap from a genuine cap to a state price control for virtually the entire market. “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.

The first Warm This Winter Tariff Watch report, produced in partnership with Future Energy Associates , said suppliers have seen the profit they are allowed to make every year from the average customer on the variable tariff surge from £27 in spring 2017 to a high of £130 in early 2023, and currently £60 per customer.

Simon Francis, co-ordinator of the End Fuel Poverty Coalition, which is part of the Warm This Winter campaign, said: “This report shines a light on the murky depths of Britain’s broken energy system. Without fundamental overhaul of the energy grid and energy tariffs, households will continue to lose out while suppliers will profit.

Source: Energy Industry News (energyindustrynews.net)

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