The MP who led the charge for the energy price cap has called for further reform of the mechanism to tackle the so-called loyalty penalty. John Penrose wants Ofgem to restructure the cap so that energy suppliers can’t charge existing customers more than new ones. He also suggested implementing an “emergency circuit-breaker”, allowing the regulator to intervene if prices suddenly rise or fall significantly.
Penrose calls for ‘emergency circuit breaker’ in price cap
