“Octopus Power welcomes the Prime Minister’s pledge to introduce an power value cap. For too lengthy, the Large Six have been utilizing each trick within the ebook to overcharge 17 million households, with clients all through the UK overpaying to subsidise the inefficiency of those bloated giants.
“We assist a relative value cap for all households and companies that creates an power market that works for all shoppers by selling equity and competitors. A authorities shakeup will turbocharge competitors for everybody’s profit.
“Though we choose a relative cap, we welcome the Authorities’s pledge to cap power costs for tens of millions of households.
“This coverage would scale back the motivation on power corporations to supply deceptive costs, and finish the observe of huge suppliers overcharging clients to subsidise their very own inefficiency.
“Our evaluation demonstrates that this may generate a dynamic market, offering intense competitors and driving down costs for everybody.
“We must always have fun the loss of life of the failed mannequin of loss-leading costs for brand spanking new clients and eye-watering tariffs for loyal ones.”