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A longer-term price cap will mean suppliers will “have to get serious” about covering their positions within the energy market, a leading academic has suggested. Ofgem is currently considering shifting to a quarterly price cap. However, Dieter Helm, professor of economic policy at the University of Oxford, said the regulator should instead go the other way and extend the price cap period from six months to a year.
3 years ago
In our latest round-up of the weekend papers Boris Johnson is to chair a meeting on how to increase the UK’s nuclear power output and the North Sea regulator plans to hold the first oil and gas licensing round since 2020. Elsewhere several groups are calling on the chancellor to move environmental levies off household bills and into general taxation to help ease the pain of soaring gas prices.
In the latest round-up of the weekend papers, efforts continue to reduce the UK’s exposure to Russian gas, with Ofgem being urged to prepare for sanctions on Gazprom, the government considering extending the life of coal plants and the prime minister planning to accelerate the rollout of wind turbines.
The European Union has set out ambitious plans to cut its dependence on Russian gas imports to one third of their current levels in 2022. Meanwhile, business and energy secretary Kwasi Kwarteng has said ministers are exploring ways to reduce the UK’s reliance on gas imports from Russia whilst also announcing a ban on oil imports from the country by the end of this year.
