The regulator is discussing a range of options for the future of the price cap.
Ofgem is considering the idea of a new "dynamic" price cap based on when households use their energy throughout the day.
According to Ofgem, the planned introduction of half-hourly settlement from 2025 - when smart meters will track how much energy gets used every 30 minutes - is expected to lead to more of these smarter time-of-use tariffs that give discounts to customers who use energy more flexibly. Ofgem has said that the price cap, along with the temporary ban on acquisition-only tariffs, has been successful in protecting customers from the "loyalty penalty". This occurs where customers on default tariffs paid higher prices, and from the worst of the recent volatile markets and wholesale price surges that were a result of the energy crisis.
He added: "We're looking in detail at the elements of the price cap that have worked well and the challenges we've identified in recent years, while also considering how a wide range of future consumers will use and pay for energy to make sure we develop the right measures that will protect and benefit consumers across the board.
"However, our recent research has shown that this has come at a price, with effective competition and innovation in the market suffering and switching levels falling off a cliff."
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