Sport

Energy regulator aims to end default tariffs to protect customers

Energy regulator aims to end default tariffs to protect customers

Introducing the draft legislation, energy secretary Greg Clark supported UK Prime Minister Theresa May's comments when she first announced the planned price cap.

While the draft Bill has been quickly published, Ofgem has admitted it's unlikely to be able to enforce the full scope of the price cap this winter.

Listed energy company's share prices remained in the green, however, as they had already lost a lot of ground on in the initial energy price cap announcement a week ago.

The Department for Business, Energy and Industrial Strategy states that more than 18 million households in Great Britain are now on a standard variable tariff or other default tariff.

Ofgem said it will work with the government to ensure that those on standard variable and other default tariffs receive price protection as soon as possible "if legislation is in place".

Ministers confirmed that energy regulator Ofgem would be compelled to implement the cap once the law had given it new powers. This is created to build cross-party consensus on how the price cap will work.




The Government's plan to provide price protection to all households on default deals will reassure them that the price they pay reflects the underlying costs of supplying their energy.

It will apply to anyone on a standard variable tariff, the expensive plans that customers are moved to when cheaper, fixed deals end.

In the meantime, we expect suppliers to do more to get customers on poor value default tariffs onto better deals.

Dermot Nolan, the regulator's chief executive, told BBC Radio 4's Today programme that energy firms should be doing more to move people off standard variable tariffs. It is a "difficult issue", he says, noting it had "split" the Competition and Markets Authority, and that his organisation "will try and make it work" so that average prices would fall.

Officials said that the ceiling on electricity and gas bills would last until the end of 2020, which is also the government's deadline for when all homes should have been offered a smart meter, which enable new types of tariffs.


  • Thailand bans smoking on 20 popular tourist beaches

    Thailand bans smoking on 20 popular tourist beaches

    The ban is due to come into force later this month as Phuket prepares to host an global conference on sea waste. Those found flouting the ban could face a maximum penalty of a year in prison and/or a fine of 100,000 baht.
    Breaking down Yankees-Astros: How big an edge is Girardi?

    Breaking down Yankees-Astros: How big an edge is Girardi?

    Masahiro Tanaka has been unhittable at Yankee Stadium, allowing six earned runs in 49 innings over his last seven home starts. Chicago ended up coming away with a huge 3-0 shutout in game one of the series against National's ace Stephen Strasburg.
    Trump Signs Executive Order Concerning Healthcare

    Trump Signs Executive Order Concerning Healthcare

    President Trump signed an executive order Thursday that's meant to provide more options for people shopping for health insurance. But the changes Trump hopes to bring about may not be finalized in time to affect coverage for 2019, let alone next year.
  • ESRB Doesn't Consider Loot Boxes as a Form of Gambling

    ESRB Doesn't Consider Loot Boxes as a Form of Gambling

    But it seems that ESRB only counts it as gambling if the players have a chance of not getting anything from the loot box. For a game to be labeled as real gambling , it must involve some type of wagering using actual money .
    Multiple shootings reportedly strike town in Sweden

    Multiple shootings reportedly strike town in Sweden

    Police launched a major operation following the dramatic shooting in Trelleborg, Sweden , at about 10.30pm (local time). The town is known for past gang violence and that the incident is not being investigated as terrorism, according to AP.
    PSG president Nasser Al-Khelaifi facing bribery charges

    PSG president Nasser Al-Khelaifi facing bribery charges

    Valcke was FIFA's secretary general under then-president Sepp Blatter from 2007 until he was sacked in January 2016. He filed an appeal to the ban with the Court of Arbitration of Sport (CAS) in February of this year.
  • Equifax takes down web page amid new breach concern

    Equifax takes down web page amid new breach concern

    Abrams told tech reporters at Ars Technica that he discovered the hack while using Equifax to dispute his own credit report. In many cases, even more personal data was exposed, including driver's license and credit card numbers.
    NAFTA:

    NAFTA: "We are ready to all" - Justin Trudeau

    Trudeau said he "highlighted to the president how much we disagree vehemently" on the decision to impose anti-dumping duties. American Express, AT&T, GM and Delta were listed on publicity material for an event hosted by the U.S.
    Bitcoin price soars to record high

    Bitcoin price soars to record high

    The world's most popular cryptocurrency bitcoin has seen another surge, pushing its value to a record $5,220 on Thursday. Bitcoin has soared by more than 750% in the past year and is worth four times as much as an ounce of gold.
  • Justice Department Warns 4 Cities Over 'Sanctuary' Policies

    Justice Department Warns 4 Cities Over 'Sanctuary' Policies

    The feds also take issue with a city executive order saying cops shouldn't inquire about New Yorkers' immigration status. NY banked $4.3 million from the program, the Edward Byrne Memorial Justice Assistance Grant, in 2016.
    New England Patriots move up ESPN NFL Power Rankings

    New England Patriots move up ESPN NFL Power Rankings

    STILL SEARCHING: Meanwhile, Wilkerson and fellow defensive lineman Leonard Williams are looking to get their first sacks. If he's able to get to Brady and blow up the line all afternoon, it's going to be a long game for the Patriots .
    Just having best development ideas not enough: Prime Minister Modi

    Just having best development ideas not enough: Prime Minister Modi

    He said that by now electricity has reached in over 15,000 of those villages. "It should be outcome based not output based.... At that time, standing shoulder to shoulder with him was Nanaji Deshmukh, who took the blow to protect him", Modi said.