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UK regulator offers price cap on gas, electricity bills

- Cap to give 11 million customers 'fairer deal for their energy', market regulator says

home > Natural Gas, Electricity, Europe, General 06.09.2018 12:28 Hale Türkeş

UK regulator offers price cap on gas, electricity bills

Ofgem, the government regulator for gas and electricity markets in Great Britain, proposed on Thursday a price cap on energy bills, which would save consumers who use a typical amount of gas and electricity around £75 per year on average.

'Over 11 million more households on poor value default tariffs would be protected from being overcharged under proposals announced by Ofgem,' a press release read.

This follows Parliament passing the government's Domestic Gas and Electricity (Tariff Cap) Act, which became law on July 19 and gives Ofgem a duty and the powers to put the price cap in place.

'Ofgem is working to have the cap in place by the end of the year,' the statement added.

According to Ofgem, when the price cap is introduced, suppliers will have to cut their prices to the level of or below the cap, proposed to be £1,136 per year for a typical dual fuel customer paying by direct debit, forcing them to scrap excess charges for people on poor value default deals.

The exact savings each individual household would make will depend on the price of their current deal, how much energy they use, whether they have both gas and electricity and how they pay for their energy.

According to the statement, many consumers on default deals -- over half of all households in Great Britain -- use more energy than a typical household so their savings would be higher, while those who buy their electricity and gas from different suppliers would also save more.

'A typical consumer on the most expensive tariffs would save over £120. In total, the price cap would save consumers around £1 billion,' it said.

Dermot Nolan, chief executive of Ofgem, reassured consumers that any decreases in energy costs would be passed on to them.

'And if costs increase, Ofgem will ensure that any rise will be due to genuine increases in energy costs rather than supplier profiteering,' he added.

According to the statement, the first update of the price cap will be announced in February 2019 and come into effect in April 2019. Following this, it will be updated every six months to reflect the latest estimated costs of supplying electricity and gas.

'The price cap is designed to be a temporary measure, in place until 2023 at the latest. This will allow Ofgem to put in place further reforms to make the energy market more competitive and work better for all consumers, including making switching energy supplier easier, quicker and more reliable,' Ofgem said.

By Hale Turkes

Anadolu Agency

energy@aa.com.tr



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24.10.2015 Finance , Regulation , Invesments , Natural Gas , Energy Diplomacy , Energy Projects

Turkish energy ministry rejects gas price claims

- The ministry rejected recent claims which stated that gas price revisions with Azerbaijan has hurt Turkish economy
24.10.2015 Natural Gas , Regulation , Natural Gas , Energy Diplomacy

Special gas leak call center for handicapped launched

- Aksa Dogalgaz, a Turkish natural gas distribution company started new emergency service for handicapped, company announces
23.10.2015 Regulation , Natural Gas

Georgia considers gas imports from Gazprom: Energy Min.

- 'If the price is right, and Georgian companies want, we may buy Russian gas,' Georgian energy minister says
21.10.2015 Natural Gas , Regulation , Natural Gas

US approves compressed natural gas oversea exports

- After approving 8 LNG export projects, the U.S. government authorizes a project to export CNG to non-FTA countries
20.10.2015 Natural Gas , Lng/Lpg , Regulation , Natural Gas

TPP to enhance energy security, trade, cooperation

- TPP includes trade in energy equipment, oil, gas, coal, renewable energy, and clean energy technologies, expert says
06.10.2015 Regulation , Natural Gas , Energy Diplomacy , Energy Projects

Turkish EMRA reveals unlawful profit in gas firms' gain

- Turkish Energy Watchdog EMRA reveals unlawful profit in income of 16 natural gas distribution companies
06.10.2015 Natural Gas , Downstream , Regulation , Natural Gas

Russia to give indp. gas producers access to export pipes

- It is possible to grant access to independent gas producers to Power of Siberia gas pipeline, Russian energy minister says
19.09.2015 Natural Gas , Regulation , Natural Gas , Energy Diplomacy , Energy Projects

Rosneft, Gazprom to gain licenses for Arctic: Official

03.09.2015 Regulation , Oil , Natural Gas

Bangladesh rises gas prices by 26.29 pct after 7 years

-Bangladesh hiked its retail gas price by 26.29 pct and power prices by 2.97 pct
28.08.2015 Regulation , Natural Gas

Turkey's energy watchdog fines energy firms TL 224.4 mln

- Turkish energy watchdog gave fines totaling 224.4 million Turkish liras to energy companies in the first half of 2015, official data show
20.07.2015 Regulation , Oil , Natural Gas , LPG

US gas exports find way to overseas markets via Canada

- This is the first approval by the U.S. administration of a Canadian LNG export facility
20.07.2015 Natural Gas , Finance , Lng/Lpg , Regulation , Projects , Natural Gas

US' Cheniere gets volume, financial boost in LNG exports

- US' Cheniere is moving fast to increase its planned LNG export volumes and financial resources
30.06.2015 Natural Gas , Shale/Unconventional , Regulation , Natural Gas

Russia offers gas discount for Ukraine in second quarter

- Russian PM offers discount in consideration of Ukraine's economic condition
29.06.2015 Natural Gas , Upstream , Regulation , Natural Gas

Fracking poses no threat to water supplies in US: EPA

- EPA's study is considered a major blow to Obama administration and environmentalists in U.S.
05.06.2015 Regulation , Oil , Natural Gas , Energy Diplomacy , Energy Security

Turkey ahead of world in energy regulations

29.05.2015 Regulation , Natural Gas

US LNG needs high oil, low gas prices to be competitive

- U.S. LNG exports will have biggest competitive advantage if oil prices are high and gas prices are low in markets: FED expert
17.05.2015 Natural Gas , Finance , Lng/Lpg , Regulation , Projects , Natural Gas

US approves fifth project to export LNG

- U.S. Energy Department approved Dominion Cove Point in the state of Maryland to export 0.77 billion cubic feet (23 million cubic meters) of natural gas a day for a period of 20 years
12.05.2015 Natural Gas , Regulation , Natural Gas

US' vast LNG capacity curbed by slow federal approvals

- U.S. shale gas production projected to reach 392 mln. tonnes by 2040, but country only has 4 approved projects under construction to export LNG
06.05.2015 Natural Gas , Lng/Lpg , Regulation , Natural Gas

Turkish oil retailers fined TL112.4 mln. by Eng. Auth.

- EMRA fined oil retailers 112.4 million Turkish Liras, says Head of Turkish EMRA
16.04.2015 Regulation , Oil , Natural Gas

Can Ukraine receive LNG via the Bosphorus?

- Experts share opposing ideas on the shipment of LNG via Ukrainian ships through Turkey's Bosphorus
31.03.2015 Natural Gas , Lng/Lpg , Regulation , Natural Gas

Brussels: Russia, Ukraine invited for gas supply talks

- EU invites energy ministers amid threats to cut off gas supplies to Ukraine.
26.02.2015 Regulation , Natural Gas , Energy Diplomacy , International Relations

Shareholders to sign Turkey's Energy Stock Mkt. contract

- Shareholders of Turkey's Energy Stock Market are required to sign prime contract, EMRA says
24.02.2015 Regulation , Natural Gas , Electricity

Canada to provide tax relief for LNG industry

20.02.2015 Natural Gas , Lng/Lpg , Regulation , Natural Gas

Indonesia’s economy depends on energy investments: IEA

The economic success of Indonesia relies on energy sector investment and realistic goals, says IEA
17.02.2015 Regulation , Oil , Natural Gas

Canada approves Woodside's LNG export licence

- National Energy Board of Canada approved an energy firm's application to export over 800 billion cubic meters in 25 years
30.01.2015 Natural Gas , Finance , Lng/Lpg , Regulation , Projects , Natural Gas

Turkey's electricity and natural gas prices unchanged

- Electricity and natural gas prices remains unchanged in January, says Energy Minister of Turkey
29.01.2015 Regulation , Natural Gas , Electricity

Halving of US gas prices allows for cheap gas overseas

- With increasing gas production and rising inventory levels, natural gas prices in the U.S. fell more than 50 percent in less than a year
29.01.2015 Natural Gas , Finance , Downstream , Regulation , Stock Market , Natural Gas

Turkish minister: Gas price talks with Russia promising

- Negotiations with Russia about natural gas prices and new gas pipeline route through Turkey's Thrace region look promising, Turkish energy minister says.
27.01.2015 Natural Gas , Finance , Downstream , Regulation , Projects , Natural Gas

Even 1 Turkish kurus vital in energy mkt. pricing: EMRA

- Head of Turkey's energy watchdog claims EMRA closely follows energy market pricing
24.11.2017 Regulation , Natural Gas

Energy markets summit to be held in Turkey

- The Energy Markets Summit will be the most comprehensive meeting on energy markets to date, says head of Turkish energy Watchdog
19.01.2015 Regulation , Oil , Natural Gas

Turkey's EMRA warns Baskentgaz for gas meters change

Prepaid natural gas meters cannot be forced to change due to a failure in the natural gas meters, says Turkey's Energy Market Regulatory Authority, EMRA, officials on Saturday.
17.01.2015 Regulation , Natural Gas

Turkey consumes second-cheapest gas in Europe

- Energy Minister Yildiz: Oil and gas prices will not rise in 2015
01.01.2015 Electricity , Natural Gas , Thermal , Downstream , Regulation , Natural Gas

New Russian gas route via Turkey eliminates legal issues

- The new natural gas pipeline route through Turkey will remove the legal issues that South Stream faced against EU legislation and regulations.
25.12.2014 Natural Gas , Downstream , Regulation , Natural Gas

Nobel energy: Israel reg. auth. decision harmful

- \"The actions of the Anti-trust Authority are another disturbing example of the uncertain regulatory environment in Israel\" said Noble Energy's Chairman in a press release
24.12.2014 Natural Gas , Upstream , Regulation , Natural Gas

Israel reviews Leviathan gas consortium

- Israel’s antitrust chief reviews Noble and Delek companies for creating a natural gas monopoly in Leviathan.
24.12.2014 Natural Gas , Upstream , Regulation , Natural Gas

Turkey's energy watchdog imposes $325,000 fine

- Firms breached license requirements by holding products that contaminated fuel oil in stations.
13.12.2014 Regulation , Oil , Natural Gas , Renewable

Russia turns Ukraine's gas tap on after pre-payment

09.12.2014 Natural Gas , Upstream , Regulation , Natural Gas , Energy Diplomacy , International Relations

Turkey-Israel relations may 'normalize' with natural gas

- \"Turkish-Israeli gas deal may precipitate normalization in relations,\" says Director of Turkish Research Program at Washington Institute
09.12.2014 Natural Gas , Upstream , Regulation , Natural Gas , Energy Diplomacy , International Relations

Trans Adriatic Pipeline unaffected by South Stream

- Turkey's contribution is crucial for the planned Trans Adriatic Pipeline to carry natural gas from Azerbaijan to Italy, says Kjetil Tungland, managing director ofTrans Adriatic Pipeline AG
05.12.2014 Natural Gas , Downstream , Regulation , Natural Gas , Energy Diplomacy , Energy Projects

Istanbul Arbitration Ctr. to bring trust to energy feuds

-Energy and Capital Markets Counsel of Roschier, Finland says Istanbul Arbitration Center will bring trust to enery sector if neutral and trustworthy
24.11.2017 Regulation , Oil , Natural Gas

More liberal gas law underway in Turkey, experts

Experts called for a more liberal and flexible law to facilitate imports
25.11.2014 Regulation , Oil , Natural Gas

Nuclear power, a vital option of domestic energy supply

- Nuclear power plays an increasingly important role in the world's energy mix
25.11.2014 Electricity , Nuclear , Regulation , Natural Gas

North-south gas corridor report ends Istanbul energy summit

- Summit ends with discussion of new gas facility in Europea that would 're-energize U.S.-European relations,' one participant says.
22.11.2014 Natural Gas , Downstream , Regulation , Natural Gas , Energy Diplomacy , Energy Security

Global energy body not realistic

- The claims of cooperation between Russia and Saudi Arabia in building a new \"Global Energy Body\" are not realistic, according to experts.
18.11.2014 Regulation , Natural Gas , Energy Diplomacy , International Organization

Turkey best route for Israeli gas delivery: Ambassador

- Best way to deliver Israeli natural gas to Europe through Turkey, Ambassador of Turkish Republic of Northern Cyprus says.
15.11.2014 Natural Gas , Upstream , Regulation , Natural Gas , Energy Diplomacy , International Relations

US gas exports to accelerate with Republicans in senate

- US liquefied natural gas exports are expected to accelerate with the Republicans in control of the Senate, say experts
14.11.2014 Natural Gas , Lng/Lpg , Regulation , Natural Gas , Energy Diplomacy , Energy Security

Turkey announces new energy targets / Effective management of resources

Turkey’s new energy targets announced by Turkey's Energy Minister Taner Yildiz in Ankara at parliament’s 2015 budget meetings on Thursday.
13.11.2014 Regulation , Natural Gas

EU's new gas funding incompatible with CO2 targets

- Funding gas interconnection projects may contradict EU's carbon emission goals while electricity projects may benefit from supply security in the long term
05.11.2014 Regulation , Natural Gas , Electricity

Increasing private gas sector is Turkey’s key to EU

-Turkey’s energy action plan to access EU is to increase private sector participation in the natural gas market
03.11.2014 Regulation , Natural Gas , Renewable

Turkey-Africa Partnership: A Win-Win Model

- Selim Bora, a Turkish businessman who has investments in Africa, said countries located in West and Sub-Saharan Africa that are inherently linked to French companies, grow tired of the trade status quo and are looking for alternatives.
02.11.2014 Finance , Regulation , Invesments , Natural Gas

US LNG exports to rise gas prices, but aid economy

- Increased liquified natural gas exports would increase natural gas prices in the U.S., but would lead to higher levels of economic output, says U.S. Energy Information Administration
31.10.2014 Natural Gas , Lng/Lpg , Regulation , Natural Gas

Canada progresses towards exporting LNG to Asian market

TransCanada's gas pipeline gets environmental approval allowing Canada to near its goal of exporting LNG to Asian markets
27.10.2014 Natural Gas , Finance , Lng/Lpg , Regulation , Projects , Natural Gas
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