Question to the Department for Energy Security & Net Zero:

To ask the Secretary of State for Energy Security and Net Zero, with reference to the letter by Ofgem entitled Open letter on changes in the energy supply market and Ofgem’s approach to regulation, published on 4 July 2023, if he will make an assessment of the implications for his policies of the commitment by Ofgem to review the adequacy of the price cap formula.

As the expert independent regulator, Ofgem is responsible for operating the price cap. Ofgem remains the sole decision-maker over how it is calculated and has consulted extensively on the methodology for determining the cap level. The Government always keeps its energy supply market policies under review to ensure they are working for consumers.