A new online petition is calling on the UK Government to introduce a ‘Triple Lock’ style rule for future energy price caps to restrict how much household energy bills can increase by each quarter. The proposal follows the same principles of the State Pension Triple Lock, which ensures annual uprating of the contributory entitlement is based on the highest of either earnings growth, Consumer Price Index inflation (CPI), or 2.5 per cent.
The ‘Introduce a Triple lock to restrict energy cap increases’ petition has been created by James Allen and posted on the official petitions-parliament website. If the petition received 10,000 signatures of support, the UK Government is obliged to respond, at 100,000 it would be considered for debate in Parliament.
The UK Government replaced Ofgem’s energy price cap with the £2,500 Energy Price Guarantee last April and is due to rise to £3,000 from this April and be in place for 12 months.
