Interview: Centrica CEO, Iain Conn, on the energy price cap

Theresa May had wanted Ofgem to introduce a energy price cap: it said this would require new legislation and today the Prime Minister will promise to create them by capping the Standard Variable Tariff. The case for the prosecution is simple: about 70 per cent of energy users are not on cheap tariffs, but the ‘standard’ variable tariff which is about £300 more expensive than the best deals. Competition works for those who switch, but for those who tend not to (especially the poor and the elderly) the system is demonstrably not working for them.