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Replica Handbags The cap was brought in to ‘save people money’ but now customers say it’s redundant (Image: Getty)Get the biggest money stories by emailSubscribeSee our privacy noticeMore newslettersThe cap, Ofgem said, will continue to ensure that 15 million households pay a fair price for their energy it said the increase reflect a genuine increase in underlying energy costs rather than supplier profiteering.However, according to auto switching service, Look After My Bills, it’s equivalent to a collective billion across the UK which will line the pockets of Britain’s energy giants.Meanwhile critics say the rise will outstrip the entire initiative with 60% of fixed tariffs in the market replica bags in china already cheaper than the cap and rising.1.7million people boycott big six energy giants for smaller ones instead(Image: age fotostock RM)The energy price cap was first teased by prime minister Theresa May in 2017 as part of a pledge to save households on some of the priciest 9a replica bags tariffs an average of a 7a replica bags wholesale year.When it kicked in last month, suppliers were forced to 7a replica bags philippines scrap excess charges of a year on average per default tariff to ensure customers weren’t being ripped off by the market.According to Ofgem, default tariff customers would be paying around to a year more on average for their energy had the default replica bags nyc tariff cap not been introduced. It said this saving will continue to apply even after April’s rise.Speaking on its decision to increase the cap including for prepayment customers it said of the increase is due to higher wholesale energy costs sparked by higher oil prices and greater demand for gas from the ‘beast from the east’ last year.Capped prices increase when the underlying cost of energy increases.Dermot Nolan, chief executive of Ofgem, replica bags south africa said: “Under the caps, households on default tariffs are protected and will always pay a fair price for their energy, even though replica bags delhi the levels louis vuitton replica bags neverfull will increase from 1 April."We can assure these customers that they remain protected from being overcharged for their energy and that these increases are only due to actual rises in energy replica bags turkey costs, rather than excess charges from supplier profiteering."Alongside the price caps, we are continuing to work with government and the industry to deliver a more competitive, fairer and smarter energy market that works for all consumers."Energy and Clean Growth Minister Claire Perry added: “The cap is designed to ensure energy companies offer good value to their customers and continue to thrive as an efficient business."We were clear when we introduced the cap that prices can go up but also down."People could be forgiven for feeling that they’ve been completely and utterly conned by the Government’s energy price cap," he said."Ofgem proudly proclaimed that the cap would cut bills by an average of a year when it came into force at the beginning of January but just weeks later, it’s announcing a jaw dropping increase. It’s now crystal clear that households were never going to save what was promised."We are in a ridiculous situation where standard plans are likely to be in higher in April than before the cap was introduced Replica Handbags.