OFGEM pushing ‘propaganda, not regulation’ over energy price cap
Responding to the latest energy price cap announcement from OFGEM, Andy Mayer, Energy Analyst at the Institute of Economic Affairs said:
“While any reduction in bills is welcome, OFGEM’s political statements around the changes are both negligent of their duty to protect consumers and a disgrace for an independent regulator. The bulk of the £200 (10%) saving from a year ago is not real. It’s a transfer of bad climate policy costs from bills to taxes. Hiding the problem, not solving it. This means future taxpayers, your children, are now subsidising old wind farms and failed heat pump promotion campaigns, rather than stopping the waste. The rest relates to lower wholesale prices which in turn have benefitted from a fall in the regional price of natural gas."
“Which OFGEM do not celebrate, rather they claim absurdly that ongoing exposure to gas (which almost always provides cheaper power than the alternatives before carbon taxes), is the greater risk.They further bury in the notes the fact that the fall would have been greater were it not for £66 being added to bills by raising network (or grid) costs, which almost entirely relates to the clean power plan."
“This is propaganda not regulation".
“While the government is may wish to push whatever net zero nonsense helps them sleep at night, OFGEM exists to serve the public, which requires a drier analysis and transparency on the vast and growing bill for this ideological crusade.”
Lord Frost, the former Brexit negotiator, said: "Each time Labour ministers go to Brussels they signal another negotiating concession. It's clear they are now preparing to breach their manifesto quite blatantly by joining one aspect after another of the EU's single market. No one voted for this. Labour should focus on rebuilding the economy from the disasters they are causing rather than hoping the EU will somehow run to their rescue."