Energy firms have criticised government plans to introduce a price cap on gas and electricity bills.Experts believe customers overpaid for energy by £1.4 billion last year.

British customers could be ‘worse off’ after cap on bills 

Centrica: The British Gas owner does not believe price caps will benefit customers

Centrica: The British Gas owner does not believe price caps will benefit customers

Energy firms have criticised government plans to introduce a price cap on gas and electricity bills.

Experts believe customers overpaid for energy by £1.4 billion last year because the market is not competitive enough.

Lawmakers have now introduced a bill for a temporary price cap to try and help reduce average bills by £100. It will last until the end of 2020 and could be extended by three years.

But in evidence to the Business, Energy and Industrial Strategy Committee, British Gas owner Centrica and other firms said they did not believe it would work. Centrica said: ‘We believe that the Government’s objectives are unclear and potentially contradictory.’ Price comparison firm uSwitch said the price cap ‘risks leaving consumers worse off overall’.

Posted on; DailyMail>>

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