“With every unprecedent rise in bills comes the need for greater reflection on the cap’s purpose and continued place in the energy market. Throughout the energy crisis, the government and Ofgem have remained committed to the cap, and in its ability to shield consumers from a volatile energy market.
“However, the cap was never meant to be a permanent solution, it was created for a different energy market than the one we face today and has not protected consumers from what will be incredible hardship this winter. We urge, as we have done previously, for the cap to be reviewed and mechanisms for protecting the most vulnerable, such as social tariffs, to be considered as viable alternatives.”
Dr Lowrey said that in the meantime, “a key focus” for the next Prime Minister and Ofgem should be to protect consumers and the wider economy from the impact of this rise.“However, all of these are temporary solutions and must be accompanied by a focus on implementing a viable long-term solution. “Today should be seen as a wake-up call to policy makers that short-term thinking and triage of the energy system is not enough. Without real change to the energy system in this country it is consumers, suppliers and the economy that will all continue to suffer the consequences.”
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