KPMG responds to Ofgem’s July Price Cap announcement

Responding to the announcement from Ofgem this morning that the Energy price cap will fall for a second consecutive quarter to £1,568 from July 2024, Simon Virley CB, Vice Chair and Head of Energy and Natural Resources at KPMG, said:

“This news will be welcomed by households who have been facing a cost-of-living crisis and struggling to pay their energy bills over the past few years.  But we should remember that the price cap was only ever supposed to be a temporary measure, while the retail energy market was reformed.  Since its introduction five years ago, we have seen dozens of suppliers exiting the market and switching levels plummet.  The fact that Ofgem are now consulting on the future of the retail energy market is welcome.  We need to get the balance right between protecting those consumers who need support and providing adequate incentives for companies to innovate and invest in energy retail.”

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For further information please contact:

KPMG Media Relations

Claire Barratt

Mobile: +44 (0)7923 439264

claire.barratt@kpmg.co.uk

About KPMG UK

KPMG LLP, a UK limited liability partnership, operates from 20 offices across the UK with approximately 17,000 partners and staff. The UK firm recorded a revenue of £2.72 billion in the year ended 30 September 2022.  

KPMG is a global organization of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 143 countries and territories with more than 265,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.