Written questions, answers and statements

Energy: Prices

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Question for Department for Business, Energy and Industrial Strategy

UIN 61678, tabled on 12 October 2022

Question

Dr Alan Whitehead
Labour
Southampton, Test
Commons

To ask the Secretary of State for Business, Energy and Industrial Strategy, whether he plans to take steps with Cabinet colleagues to regularly review the cap on household energy bills so that it reflects any reductions in global energy prices over the next two years.

Answer

Graham Stuart
Conservative
Beverley and Holderness
Commons

Answered on

17 October 2022

OFGEM calculates and publishes the price cap, which limits the rates a supplier can charge for their default tariffs. The price cap calculations include consideration of global energy prices and cap levels are currently reviewed on a quarterly basis. The Energy Price Guarantee (EPG) scheme then applies a discount to these tariffs. The level of EPG discount will be reviewed quarterly in line with changes to the price cap to ensure that the scheme benefits consumers as intended and reflects any changes in global energy prices.

Answered by

Department for Business, Energy and Industrial Strategy
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