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UK Energy Watchdog Opens Price-Cap Consultations -- Update

11/19/2021 | 06:24am

By Joe Hoppe

The U.K.'s energy regulator said Friday that it has launched consultations on new price-cap proposals to ensure prices reflect the costs, risks and uncertainties facing energy suppliers, including changing maximum charges.

The Office of Gas and Electricity Markets said the consultations will assess the impact of market volatility on price caps, the process for updating default tariff caps and setting maximum charges, and allowing Ofgem to change caps outside the usual six-month cycle. Others concern Covid-19 costs, prepayment meter customers, and adaptations for the energy company obligation scheme.

Ofgem said it will accept views from interested parties on the proposals until Dec. 17. Most decisions will be published by the beginning of February, Ofgem said, adding that a final decision relation to coronavirus costs will be published by August.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

11-19-21 0624ET

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