The Competition and Markets Authority found last year that consumers stuck on standard tariffs were overpaying by £1.4 billion a year Yui Mok/PAAn energy price cap for millions of vulnerable customers may need to remain in place for 15 years, Ofgem has said. Dermot Nolan, the energy regulator’s chief executive, told MPs that he anticipated extending a proposed cap beyond its 2019 end-date. “Even ten to fifteen years from now there will be a need to protect vulnerable users, people that cannot access the market, and that is likely to include some kind of safeguard tariff,” he said. Mr Nolan was giving evidence to the business and energy select committee as it considers the government’s plan to cap all standard tariffs, which it has said would last until 2020 but could be extended until 2023, at the latest. The government has said that the cap is necessary…

Source: The Times October 18, 2017 06:00 UTC