Energy: Price Caps

Department for Energy Security and Net Zero written question – answered at on 6 September 2023.

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Photo of Alan Brown Alan Brown Scottish National Party, Kilmarnock and Loudoun

To ask the Secretary of State for Energy Security and Net Zero, how much money has been recovered from previous periods under the energy price cap by each energy company.

Photo of Amanda Solloway Amanda Solloway Government Whip, Lord Commissioner of HM Treasury, Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)

The setting of the energy price cap is a matter for the independent regulator Ofgem.

Ofgem remains the sole decision-maker over how it is calculated and has consulted extensively on its methodology for determining the cap level. Ofgem sets out its methodology and details the costs and impacts here: https://www.ofgem.gov.uk/publications/energy-price-cap-default-tariff-1-october-31-december-2023.

The Government has confidence in Ofgem, as the expert independent regulator, to set the cap at a level that reflects the underlying efficient costs of supplying energy.

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