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Energy: Prices

Department for Business, Energy and Industrial Strategy written question – answered on 22nd March 2018.

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Photo of Claire Perry Claire Perry The Minister of State, Department for Business, Energy and Industrial Strategy, Minister of State (Business, Energy and Industrial Strategy) (Energy and Clean Growth)

BEIS Ministers and officials meet stakeholders to discuss a range of issues.

We will issue a Consumer Green paper in due course that will tackle areas where markets are not working for consumers.

The Competition and Markets Authority estimated that domestic customers of the Big Six energy suppliers paid on average £1.4bn a year more than they would have done in a truly competitive market over the period of 2012 to 2015. For this reason, the Government has brought forward legislation to place a new duty on Ofgem to implement a cap on domestic standard variable and default tariffs until the conditions for effective competition are in place or until the end of 2023 at the latest.

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