Energy bill price cap edges closer after parliament approves bill
PUBLISHED: 10:34 04 May 2018 | UPDATED: 10:34 04 May 2018
Households across Norfolk could see their energy bills reduced by £100 after the introduction of a price cap moved a step closer this week.
Parliament approved the third reading of the Domestic Gas and Electricity (Tariff Cap) Bill, which will now go to the House of Lords. The legislation will require energy watchdog Ofgem to protect customers by capping variable and default tariffs until 2020, and the cap could be extended to 2023 if effective market competition is not created.
Norwich North MP Chloe Smith said the bill, which is expected to come into force this summer, would offer protection from excessive energy bills to vulnerable customers. She said: “I know that high energy bills are a big concern for many people, and I am proud that we have introduced this smart, temporary, market intervention while we work to fix the market by giving power to consumers and increasing competition.”
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