Posted 3/26/2024, 5:00:00 PM
Ofgem Considers New Time-of-Use Price Cap to Keep Pace with Changing Energy Market
- Ofgem considering "time-of-use" price cap that charges different rates based on when energy is used, driven by increasing electric vehicles, heat pumps, solar panels
- Seeking public input on future of price cap and potential alternatives like targeted caps or limits on supplier margins
- Current price cap has protected consumers but market is changing with more diverse energy usage
- Aiming to ensure market works for all consumers as more adopt time-of-use tariffs
- Consultation open until May 6th 2024 to get views from industry, consumers, charities on future pricing regulation