Energy: Prices
The question
To ask the Secretary of State for Energy Security and Net Zero, what assessment his Department has made of the potential financial impact on (a) households reliant on Economy 7 and (b) other households using time-of-use tariffs of the reduction of off-peak periods to seven hours.
Answered by Miatta Fahnbulleh
The Government recognises the importance of time of use tariffs, and we are putting in place reforms such as Smart Metering and the Market-wide Half Hourly Settlement to support the growth of these products. Tariff setting is a matter for suppliers, including the setting of peak and off-peak tariffs, and is regulated by Ofgem, including through the price cap which already has a variant to accommodate multi-rate tariffs such as Economy 7.
I regularly engage with stakeholders, including consumer groups and energy suppliers, to ensure that the sector meets the differing needs of consumers.
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