Where would we be without Ofgem, eh? Amid soaring energy prices and a cost-of-living crisis, the energy regulator this week unveiled its latest wheeze to help struggling households: updating the energy price cap every three months, rather than six, to try to avoid price shocks.
The cap – which is the maximum price per unit that suppliers can charge customers – is currently updated twice a year in April and October. Ofgem’s announcement came after a typical energy bill jumped last month from £1,277 to £1,971 and is forecast to soar a further 32 per cent when the cap is revised again in October. And, for those on prepayment meters, the price of energy has now risen by an average £708 to £2,017 a year. Gulp!
But while Ofgem might like to tinker with the timing of the price cap, it seems there is a vacancy with regards to the actual administration of the scheme. For Mr S has spotted that an advert for the energy regulator was quietly posted last week on LinkedIn, recruiting for a new ‘Head of Price Cap Policy.’ This
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