January 10, 2018 / 11:13 AM / 9 months ago

UK energy price cap could be in place by Christmas 2018

LONDON, Jan 10 (Reuters) - A government plan to cap the most common form of gas and electricity tariffs for millions of British households could come into effect in time for Christmas 2018, regulator Ofgem said on Wednesday.

Prime Minister Theresa May said in October she would impose controls to tackle what she called “rip-off energy prices” - home power bills have doubled in Britain over the past decade to an average of about 1,150 pounds ($1,500) a year.

Energy regulator Ofgem is charged with setting the cap on so-called Standard Variable Tariffs (SVTs), the most commonly used deals, and the basic rate that energy suppliers charge if a customer does not opt for a specific fixed-term deal.

$1 = 0.7383 pounds Reporting by Susanna Twidale; Editing by Mark Potter

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