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To protect consumers and citizens, in January 2019 Ofgem, the electricity and gas regulator in the UK, introduced energy price caps that limit the rates a supplier can charge for their default electricity and gas tariffs. In 2021, post-pandemic recovery triggered an unprecedented rise in wholesale energy prices. Unable to pass on the wholesale price rises to consumers, a number of energy suppliers collapsed. Does the recent exodus of suppliers indicate that price caps are not fit for purpose, is it time for a re-think, or is exit, just as entry is, a characteristic of a well-functioning market?
If you are curious to learn more, join us for a panel discussion where three experts from private, academic and regulatory sectors will look at the economics of energy price caps, discuss the economic rationale behind them, describe the way price caps work in practice and explain why a price cap may be creating problems for the energy suppliers and ultimately for the consumers too.
This event will be a great opportunity to learn more about what economists working in regulatory and consultancy sectors do. You will be able to ask the experts questions about the economics of energy price caps and about working as an economic practitioner outside of academia.
Ian Alexander (KPMG)
Adam Hutchinson (Ofgem)
Jon Stern (City, University of London)
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