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THE GOVERNMENT will today introduce legislation designed to cap energy prices for 11 million households across Britain.
The Domestic Gas and Electricity (Tariff Cap) Bill would allow Ofgem to limit tariffs until 2020, with the option to extend the cap annually until 2023.
Prime Minister Theresa May will say that the Bill will “force energy companies to change their ways.”
The idea of energy price freezes was floated by then Labour leader Ed Miliband in 2013 amid concerns over price hikes.
But he was attacked by then prime minister David Cameron as wanting to “live in some sort of Marxist universe.”
Plans for a universal price cap were announced in the Tories’ manifesto last year, but after the election Ms May passed responsibility for calculating the cap to Ofgem.
A 2016 report found consumers were paying £1.4 billion a year over the odds via energy companies’ standard variable tariffs.
