Theresa May’s energy price cap was branded a flop last night as new figures revealed the Big Six rip off has got WORSE.
Campaigners said the difference between the most expensive standard tariff and cheap internet deals had ballooned from an average of £174 a year to £214.
A switching site claimed E.ON’s cheapest deal was a whopping £311 less than the standard tariff offered by the company.
The price cap came into force in January – with Downing Street promising it would put an end to millions of older, loyal customers on standard variable tariffs being overcharged.
Business Secretary Greg Clark pushed for the cap – arguing it would put an end to the Big Six “milking” loyal customers and using the excess profit to lure in internet savvy punters with cut-price deals.
One senior Tory – who asked to remain anonymous – demanded No.10 and energy regulator Ofgem review the cap.
They said: “It’s time to look at a different approach.
“Most Tories hated this in the first place. I don’t think it should go completely but the energy companies should be told to limit the difference between their priciest and cheapest offer.”
An energy insider told The Sun: “As Ofgem and Government were warned numerous times before, the price cap is distorting the market.
“Ofgem didn’t listen to warnings then but they must now act.”
The findings from Look After My Bills show that all of the Big Six have grouped their standard variable tariff around the current level of the price cap set by Ofgem – at £1254 a year.
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see also CLIMATE POLICIES, ELECTRICITY PRICES AND THE ENERGY PRICE CAP