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PwC comment on Ofgem energy cap announcement

Vicky Parker, Power and Utilities Leader at PwC, comments on Ofgem’s energy cap announcement: 

“Yesterday's price cap rise will be difficult for many consumers and while it is positive that the UK Government will be intervening, it’s important to recognise that there will still be a gap for many households. 

“As UK energy suppliers respond to the market changes, we’d expect to see a greater focus on operational efficiency, which has the potential to drive more standardisation across the industry. There is also the possibility that the interventions to help customers in the short term will have longer term impacts on competition by reducing the scope for energy suppliers to be able to compete on price by increasing the amount of the energy bill which is regulated.

“As the world moves away from fossil fuels to net zero, we should expect continued volatility in global wholesale markets. To build more resilience in our energy system and protect consumers and businesses, Government and Ofgem will need to continue to explore how to evolve the energy market - something which will require further engagement with stakeholders.”

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