E.ON comment regarding the UK Government's “Draft Bill for an Energy Price Cap”

Michael Lewis, CEO of E.ON UK
A price cap will not be good for customers. It will reduce engagement, dampen competition and innovation.
Michael Lewis, CEO of E.ON UK

Commenting on the UK Government’s statement regarding the “Draft Bill for an Energy Price Cap” Michael Lewis, Chief Executive of E.ON UK said:

“A price cap will not be good for customers. It will reduce engagement, dampen competition and innovation.

“As we have made clear, we believe standard variable tariffs have had their day. Tomorrow should be about helping all customers engage with the market with tariffs that work for them. Therefore the question is ‘why cap it when you can scrap it?’

“That is why we are taking action to make that happen for our customers. For example we recently announced our plans for a unilateral move away from SVT in tandem with the advanced rollout of smart meters - a way to make a real difference in the market rather than a blanket cap that ultimately won’t benefit customers. We will of course also look at the detail behind the Government announcement today but remain utterly convinced that increased engagement in the energy market is the best way forward for all customers and changes to make this a reality are already happening.”

E.ON is the first of the larger suppliers to announce plans to make changes around SVT’s and further details of the original announcement can be found here: https://www.eonenergy.com/about-eon/media-centre/eon-acts-to-begin-replacing-standard-variable-tariffs-for-its-customers/




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