Cost of Energy, Politics Energy price caps gain MP’s approval Written by The Energy Advocate on May 2, 2018 More in Cost of Energy: Economy Energy ceases trading January 9, 2019 Ofgem ban Economy Energy from taking new customers January 4, 2019 Energy price cap could cost consumers £200 January 2, 2019 Legislation to end the “abuse” against energy consumers has cleared the House of Commons, taking price caps one step closer to coming into effect. Energy Secretary Greg Clark has said that regulator Ofgem must implement a “robust price cap” for this winter through a proposal that will protect consumers by capping domestic standard variable and default tariffs until 2020. During the Domestic Gas and Electricity (Tariff Cap) Bill’s third hearing, Clark said: “The Bill will ensure that British families are protected as we correct an intolerable situation in which consumers have been exposed by the independent competition authorities as paying £1.4 billion a year more than they would in a competitive market. “That abuse should end.” The proposal comes as leading analysts said household electricity bills could rise by a third, £200, by 2025 as a result of rising wholesale prices and green subsidies. However, the Bill was unopposed during its third hearing and will go on to the House of Lords where it will go through further scrutiny.