Energy: Price Caps
The question
To ask the Secretary of State for Energy Security and Net Zero, what assessment he has made of the potential implications for his policies of Ofgem’s decision to increase the energy price cap from October 2024.
Answered by Miatta Fahnbulleh
Ofgem’s price cap increased for the period 1 October 2024 to 31 December 2024 due to the increase in global wholesale energy prices. The Government believes that the only way to protect billpayers permanently from price shocks, is to speed up the transition away from fossil fuels and towards homegrown clean energy. The creation of Great British Energy will help us to harness clean energy and have less reliance on foreign, volatile energy markets, and help in our commitment to produce all of the UK's energy from clean power sources by 2030.
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