BEIS – ENERGY PRICE CAP – 12 October 2017
Dr Julian Lewis: Given the time that will elapse before the cap is introduced, is there a danger that the energy companies will raise prices as much as possible in the hope of influencing the level at which the cap will be set? What will the Government do to prevent such a tactic from succeeding?
[The Secretary of State for Business, Energy and Industrial Strategy (Greg Clark): Ofgem has powers, and that is one of the reasons why it is responsible for setting the cap. The prices must reflect the actual costs, and extensive powers are available to Ofgem to prevent that kind of abuse.]