12
October
2017
|
09:45
Europe/London

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/

 

Ends

 

For more information contact:

Scott Somerville (07889 771 804)

Andrew Barrow (02476 183 677)

Jag Bickham (02476 181 308)

Boilerplate

The information (including any forecasts or projections) contained in this press release (the "Information") reflects the views and opinions of E.ON on the date of this press release. The Information is intended as a guide only and nothing contained within this press release is to be taken, or relied upon, as advice. E.ON makes no warranties, representations or undertakings about any of the Information (including, without limitation, any as to its quality, accuracy, completeness or fitness for any particular purpose) and E.ON accepts no liability whatsoever for any action or omission taken by you in relation to the Information. Any reliance you place on the Information is solely at your own risk. This press release is the property of E.ON and you may not copy, modify, publish, repost or distribute it. © E.ON 2017