U.K. Regulator Ofgem Says Energy Price Cap to Start From Jan. 1
November 06 2018 - 3:24AM
Dow Jones News
By Adria Calatayud
The U.K.'s Office of Gas and Electricity Markets, or Ofgem, said
Tuesday that a new energy-price cap will come into effect from Jan.
1, 2019.
The regulator said the measure will allow 11 million customers
to save around 76 pounds ($98.9 million) a year on average. Energy
suppliers will have to cut the price of their default tariffs to
GBP1,137 or below. It is estimated that this will remove around
GBP1 billion from consumers' bills, Ofgem said.
The price-cap level will be updated in April and October every
year, Ofgem said.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
November 06, 2018 03:09 ET (08:09 GMT)
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