In response to Prime Minister’s conference speech, Stephen Fitzpatrick, CEO, OVO Energy said:
“It is clear that eighteen years of light-touch regulation has not delivered an energy market that works for most consumers. This intervention will stimulate innovation and promote efficiency that will benefit millions of customers.
We envision that the cap will set a ceiling on retail prices based on underlying market conditions, allowing headroom for efficient companies to operate profitably.”
In an ideal world we wouldn’t need a price cap but it is now the most effective way to ensure customers are treated fairly and are not overcharged for their energy. I hope that the industry will adapt quickly and that price regulation will not become a permanent feature of the energy market.”