New energy price cap law could be great news for customers
This could be great news for people who are sick to death of being overcharged by cash-hungry energy firms.
It always seems as though energy prices are spiralling - because they are. But now a new law could come into place to ensure a tighter cap on tariffs.
The Domestic Gas and Electricity (Tariff Cap) Bill will put in place a requirement on the independent regulator, Ofgem, to cap energy tariffs until 2020.
It means that an absolute cap can be set on poor value tariffs, protecting the 11 million households in England, Wales and Scotland who are currently on a standard variable or other default energy tariff and who are not protected by existing price caps.
If you're sick and tired of spending too much on your energy tariff, go to A Spokesman Said and look for a cheaper deal for you.
Theresa May mentioned it today in the House of Commons, saying: "It’s often older people or those on low incomes who are stuck on rip-off energy tariffs, so today we are introducing legislation to force energy companies to change their ways.
"Our energy price cap will cut bills for millions of families. This is another step we are taking to help people make ends meet as we build a country that works for everyone."
Ofgem seems to fairly consistently hike prices, so customers are constantly getting stung with additional costs.
A Spokesman Said has reported on E.on, EDF Energy, Npower and British Gas hiking prices recently, as well as Scottish Power.
Many customers feel it's gone too far and they should have to pay through the nose simply to turn their lights on.
In fact, research by The Competition and Markets Authority 2016 showed customers were overcharged by a grand total of £1.4bn-a-year.
However, unsurprisingly, not everyone is happy.
Responding to the Government's energy price cap legislation announcement, Energy UK chief executive Lawrence Slade, who represents the industry, said: “It’s vital the cap doesn’t halt the growth of competition which is helping customers to find a better deal and save on their energy bills.”
It always pays to shop around to get the best deal and by going to A Spokesman Said, you can try to find the cheapest offer for you.
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