Ofgem has proposed new plans to adjust the energy price cap every three months instead of the current twice a year.
The energy price cap – which is the mechanism that outlines the maximum amount that companies can charge to provide energy – has been credited with protecting around 22 million UK households from the worst of the price hikes after COVID-19 restrictions were eased and the war in Ukraine pushed up wholesale gas prices.
The cap prevented companies from passing on unprecedented increases to their customers.
According to the government, the cap was said to have delayed the impact from the most damaging element of the ongoing cost of living crisis, after the average bill rose by 54%, or £693 annually, from April to £1,971, and the latest forecasts suggest bills could rise to almost £2,600 in October when the next price cap adjustment is due.
But now, industry regulator Ofgem revealed in a statement today that it was putting the idea of more regular adjustments of the cap out to consultation.
This proposed plan is said to have come after there was criticism expressed that the present twice-yearly adjustment arrangement had contributed to the collapse of several suppliers last year at the height of the wholesale gas price shock, Jonathan Brearley, chief executive of Ofgem, said adjusting the cap more regularly would “reflect the most accurate energy prices”.
He also said it means that when costs fall from the current record highs, customers would “see the benefit much sooner”.
After extensive research, stakeholder feedback & talking with consumers, we're proposing to update the price cap every 3 months rather than every 6 months
This would make suppliers more resilient & any savings can be passed on to consumers quicker
Ofgem said in a statement: “Our top priority is to protect consumers by ensuring a fair and resilient energy market that works for everyone.
“Our retail reforms will ensure that consumers are paying a fair price for their energy while ensuring resilience across the sector [and] today’s proposed change would mean the price cap is more reflective of current market prices and any price falls would be delivered more quickly to consumers.
“It would also help energy suppliers better predict how much energy they need to purchase for their customers, reducing the risk of further supplier failures, which ultimately pushes up costs for consumers.”
In response to the Ofgem statement issued on the price cap, a government spokesman said: “We recognise the pressures people are facing with the cost of living, which is why we have set out a £22 billion package of support, including rebates and reductions for energy bills, as well as more targeted support for low income and vulnerable households.
“The price cap continues to insulate households from even higher global gas prices [and] that’s why we have also outlined plans to extend the cap beyond 2023.”
Featured Image – RawPixel
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18-21 year olds can now travel on Greater Manchester’s buses for half price
Emily Sergeant
18-21 year olds can now apply to travel on Greater Manchester’s bus network for half price, it has been announced.
The Bee Network says it is ‘continuing to lead the way’ when it comes to cutting the cost of public transport, with applications for half price unlimited bus travel for 18-21 year olds now open and around 150,000 young people in Greater Manchester set to benefit.
The new pass will ‘better connect’ young people to work, training, or education opportunities.
With the Greater Manchester economy found to be experiencing faster growth compared to the UK as a whole, and with making travel ‘easier, more affordable, and inclusive’ a critical part of the Bee Network’s success, Mayor Andy Burnham announced the half-price bus travel this week, alongside a raft of other improvements across the region.
Some of the other improvements the Mayor announced include more frequent buses, cheaper travel, and new round-the-clock services.
18-21 year olds can now travel on Greater Manchester’s buses for half price / Credit: TfGM
Young people can now buy a 28-day bus travelcard for just £40, which is half the price of adult fares and the equivalent of just £1.43 per day for unlimited travel on any Bee Network bus in Greater Manchester.
Transport for Greater Manchester (TfGM) says the new half-price travel is aimed at helping the thousands of young people once their 16-18 ‘Our Pass’ expires, and will support them as they move into further education or the world of work.
“Young people in Greater Manchester have been calling out for an affordable transport option for when their Our Pass expires and this new pass will give them that,” commented Fran Wilkinson, who is the Director for Customer and Growth at TfGM.
The new 18-21 Bee Bus ticket is here! 🙌
Enjoy 28 day’s of unlimited travel on #BeeNetwork buses for just £40. 🚌
Buy yours now on the Bee Network app with an 18-21 Pass ID.
“We know this is such an important time in a young person’s life as they look to go into further education or enter the world of work.
“Now as they explore the many opportunities available to them they will be able to use any Bee Network bus as much as they need to at half the price.”
Fatima Bangoura, who is the Youth Engagement Officer at Youth Leads, added: “The new 18-21 pass opens doors for those who may worry about losing that support once their Our Pass ends, making travel for training, apprenticeships, education and employment far more accessible.”
Digitalapplications for the new 18-21 Pass are now open via the Bee Network app, and you can download the app here.
Featured Image – TfGM
News
Met Office issues yellow weather warning for thunderstorms across Greater Manchester
Emily Sergeant
A yellow weather warning for thunderstorms has been issued across Greater Manchester for this week, with some disruption expected.
Nothing says the start of the ‘ber months’ quite like a heavy downpour and some thunderstorms, right? September is here and the summer seems to be long gone, as the Met Office has now issued a series of yellow weather warnings across the UK – including a thunderstorms warning for Greater Manchester and much of the north west.
The Met Office‘s website states that an area of ‘heavy showers and thunderstorms’ is expected, and that this may even cause some localised flooding.
“We’re expecting a band of heavy rain and strong winds to move northeast, followed by heavy showers and the risk of thunderstorms,” commented Rebekah Hicks, who is a Chief Meteorologist at the Met Office.
She explained that as showers progress north-eastward, they will become ‘temporarily slow-moving’, which will lead to an increased chance of surface water flooding.
A thunderstorm warning is in force this morning for parts of England and Wales ⚠️
While the vast majority of places will have ‘non-impactful’ rain, a few places within the North West could see 30-60mm in an hour.
Hail and lightning will also be additional, as will possibly-locally impactful hazards.
Northern residents are being told to expect difficult driving conditions and some road closures, and where any flooding or lightning strikes should occur, there is also a chance of delays and some cancellations to train and bus services.
There’s also a slight chance that power cuts could occur, and other services to some homes and businesses could be lost.
The Met Office has issued a yellow weather warning for thunderstorms in Greater Manchester / Credit: Johannes Plenio (via Unsplash)
On top of all that, the Met Office says there is a ‘small chance’ that some homes and businesses could be flooded quickly, with damage to some buildings from floodwater, lightning strikes, hail, or strong winds – although this is expected to be unlikely.
As Friday, southern areas will begin to see more settled conditions, but unfortunately, it’s a different story for the north.
Here in the North West, it will remain wet and windy for much of the day and weekend.
The Manc -
16th May 2022 
