The Government is to publish draft legislation to enforce a cap on some energy prices on Thursday, it has been announced.
Prime Minister Theresa May announced in her speech to Conservative Party conference in Manchester last week that she intended to use the law to protect vulnerable consumers from energy price hikes.
The draft legislation to be unveiled by Business Secretary Greg Clark on October 12 is expected to provide energy regulator Ofgem with powers to impose a cap on standard variable tariffs over the whole market.
Ofgem is already preparing its own proposals for a cap, and Downing Street made clear last week that the legislation could be ditched if the regulator’s plan is able to achieve the same objective more quickly.
Announcing the date of the publication of draft legislation, Mrs May’s official spokesman told a regular Westminster media briefing: “The Prime Minister said at conference that we recognise the difficulties that people are facing and that is why we are moving quickly after the Prime Minister’s conference announcement.”
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