LONDON: Ten energy suppliers have refunded and compensated more than 34,000 customers after Ofgem uncovered a technical overcharging error that resulted in excess charges beyond the regulated price cap. The suppliers paid a total of £7 million—£5.6 million in refunds and £1.4 million in goodwill payments—after a compliance review by the energy regulator. The issue…
Tag: Ofgem
Ofgem fast-tracks clean power plugging into Britain’s electricity grid
LONDON:L Ofgem has approved historic reforms to fast-track clean power plugging into Britain’s electricity grid – with the new system launched by the end of May. The new connections regime abolishes the broken ‘first-come, first-served’ system. This meant unviable, stalled or speculative ‘zombie’ projects blocked hundreds of wind, solar and energy storage developments from connecting, with…
Energy price cap to rise by 6.4% in April, Ofgem announces
LONDON: The energy price cap is set to increase by 6.4% from April, the UK’s energy regulator Ofgem announced on Tuesday. This adjustment will be in effect for the period covering April to June 2025. According to Ofgem, the main driver behind the rise is a recent spike in wholesale prices, which account for approximately…
Ofgem announces 1.2% increase in energy price cap for first quarter of 2025
LONDON: The energy regulator Ofgem announced on Friday, November 22, that the energy price cap will increase by 1.2% for the period from January to March 2025. This change means that the maximum rate per unit and standing charge that can be billed to customers will rise by £21 per year for an average household,…
Ofgem retains ban on acquisition-only tariffs
LONDON: Ofgem has announced that rules preventing energy suppliers from offering lower prices exclusively to new customers will remain in place to ensure all households can access the best available deals. The regulator has decided to keep the Ban on Acquisition-only Tariffs (BAT) – which ensures all customers have access to the best deals –…
Energy price cap for July to September confirmed
LONDON: Energy regulator Ofgem has today (Friday 24 May, 2024) confirmed the energy price cap for the third quarter of 2024. The price cap, which sets a maximum rate per unit that can be charged to customers for their energy use, will fall by 7% from 1 July to 30 September 2024, compared to the…
Ofgem proposes end of the ban on acquisition-only tariffs
LONDON: Energy regulator Ofgem has today (Tuesday 14 May, 2024) published a statutory consultation proposing the removal of the ban on acquisition-only tariffs (BAT) on 1 October, 2024. The BAT was introduced in April 2022 to protect consumers during the energy crisis, and was always designed to be a time-limited measure. As the market continues…
Ofgem announces significant reduction in energy price cap
LONDON: Energy regulator Ofgem has today (Friday 23 February, 2024) announced a significant reduction of the energy price cap for the second quarter of 2024. The price cap, which sets a maximum rate per unit that can be charged to customers for their energy use, will fall by 12.3% on the previous quarter from 1…
Ofgem Announces New Price Cap Level and Package of Decisions
LONDON, UK: The energy regulator Ofgem has announced a new price cap level for the period of April to June 2023. The new cap will be set at £3,280 for a dual fuel household paying by direct debit based on typical consumption. This is a reduction of almost £1,000 from the current level, of £4,279…
£300 million investment to get Britain ready for more electric transport and heat
LONDON: Ofgem is today powering the electric vehicle revolution, with motorway service areas and key trunk road locations across the country set to get the cabling they need to install 1,800 new ultra-rapid charge points, tripling the current network. A further 1,750 charge points will be supported in towns and cities. As drivers make the…
Ofgem sets out plan to boost investment for Britain’s electric car and local power revolution
LONDON: Ofgem has set out its working assumptions on the financial package that will be applied for the next round of price controls for local electricity networks (DNOs) starting in April 2023. Ofgem has confirmed ambitious plans to boost investment in local electricity grids needed to support the growth in electric cars, small scale renewables,…
Energy price cap to increase in April, says Ofgem
LONDON: Ofgem, Britain’s independent energy regulator, has announced today that from 1 April 2021 the price cap will return to pre-pandemic levels, principally as a result of changes in wholesale energy prices. When wholesale prices fell sharply last year in the wake of the first lockdown, the level of the price cap fell by £84…