Nick Millward retweetledi
That's total rubbish
1. The cap level is only down £79 since the General Election
2. This has been achieved by moving about 75% of the Renewables Obligation from bills to taxation
3. This is adding £7-8 billion to the tax burden
You're not lowering energy costs, you're just changing who pays for them
PLUS the price cap was a major factor in the failure of HALF of suppliers in 2021-22 which cost consumers £2.8 billion (c£100 per household)
This was predictable: the exact same thing jaooe in California when it introduced a retail price cap in the 2000s
Research shows that price caps lead to tariff concentration... Everyone prices to the cap. They also inhibit competition... Consumers see no reason to switch since the regulator is already ensuring they have the "best price"
So the cap is a bad thing and consumers would be better off without it
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