Energy watchdog Ofgem is to introduce a new cap on upfront payments for those who are required to have pre-payment meter.
Energy giants SSE and Npower are to be merged, bringing the big 6 energy companies in the UK down to 5.
The British Secretary of State for Business, Energy and Industrial Strategy, Greg Clark, has called for the energy regulator Ofgem to use its power to impose an energy price cap, in spite of there being a risk of a legal challenge from some suppliers.
Energy regulator Ofgem has raised concerns over energy companies allowing their customers to fall into massive debt.
Figures in the energy industry and at Ofgem have said Theresa May’s plans to revive the cap on energy bills is virtually impossible to come into effect this winter.
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A price increase from British Gas, which affected 3.1 million customers, has resulted in the amount of consumers changing to a new energy supplier to sky rocket.
Times are good for the Big 6 energy companies at the moment, according to a recent report released by Ofgem, as profits hit the highest level on record.
A recently published study has shown that despite the widespread public support for environmental causes, energy customers still care first and foremost about the financial bottom line when comparing tariffs.
Energy companies have received a warning from the government that they could still legislate a price cap following British Gas’s announcement of a 12.5% increase in electricity prices.
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British Gas, a subsidiary of Centrica and one of the UK’s Big Six energy providers, announced its plans to impose an electricity price hike on September 15th of this year. The 12.5% increase will soon affect an estimated 3.1 million customers.
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