On Thursday, September 6, Britain’s energy regulator Ofgem proposed a price cap on default energy bills to save households about a billion pounds a year and aims to implement it in time for winter following a government promise to tackle “rip-off” prices.
Consumer groups cautiously welcomed the cap, even though it fell slightly short of the £100 (US$129.36) cut to bills Prime Minister Theresa May had targeted ahead of last year’s election, reported The Financial Times.
The government tasked the regulator in July with calculating a marketwide ceiling for what energy providers could charge following accusations the market was broken, with customers being penalized for sticking with energy providers. The cap represents the biggest state intervention in the UK energy market since privatization in the 1980s.
Just this June, regulatory economist Martin Cave had been selected as the new chair of the UK’s energy regulator.
Full Content: Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
UK Business Secretary Calls for More Agile Competition Regulator
Feb 13, 2025 by
CPI
Germany’s Antitrust Regulator Raises Concerns Over Apple’s App Tracking Policies
Feb 13, 2025 by
CPI
$60 Billion Nissan-Honda Merger Falls Apart
Feb 13, 2025 by
CPI
DOJ Moves to End Protections for Three Regulatory Agencies
Feb 13, 2025 by
CPI
Meta to Allow Rivals to List Ads on Facebook Marketplace Following EU Fine
Feb 13, 2025 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – International Criminal Enforcement
Jan 23, 2025 by
CPI
The Antitrust Division’s Recent Work to Combat International Cartels
Jan 23, 2025 by
Emma Burnham & Benjamin Christenson
Information Sharing: The New Frontier of U.S. Antitrust Enforcement
Jan 23, 2025 by
Brian P. Quinn, Casey Kovarik & Michael Tubach
The Key Role of Guidelines on Exchanges of Information Among Competitors and the Divergent Transatlantic Paths
Jan 23, 2025 by
Rosa Abrantes-Metz & Albert Metz
Leniency, Whistleblowers, and Compliance
Jan 23, 2025 by
Richard Powers, Tara O’Malley & Cory Gordon