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.”
