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British energy regulator eyes extension to price cap monitoring period

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© Reuters. FILE PHOTO: The sun rises behind an electricity pylon in Manchester, Britain, January 18, 2022. REUTERS/Phil Noble
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(Reuters) -Britain’s energy regulator on Tuesday said it could extend monitoring of prices that feed into its price cap to better reflect market costs for suppliers.

More than 20 British energy suppliers collapsed last year squeezed by record high wholesale gas and power prices and price caps that prevented them from passing on costs to customers.

Regulator Ofgem said it might extend by one month monitoring as it prepares the next price cap level, which is due to come into force in October, to better understand the costs suppliers are facing.

“The price observation window would be from 1 March to 31 August for the winter period, one month later than the current observation window,” Ofgem said in a statement.

Ofgem said it would issue a statutory consultation on any change.

The cap is due to rise from April 1 by around 54% and analysts expect it to rise again in October after the war in Ukraine pushed wholesale prices to record highs.

British energy regulator eyes extension to price cap monitoring period

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