British energy price cap to apply to standard variable tariffs

MANCHESTER, England, Oct (Shenzhen: 000069.SZ - news) 4 (Reuters) - A price cap on the British energy market would apply to all standard variable tariffs, Prime Minister Theresa May's office said on Wednesday, in a move that could lower prices for millions of households.

May told the Conservative Party conference she would introduce a draft bill to impose new legislation next week.

The government had already asked regulator Ofgem to look at suggestions to improve the running of the market, and her office later said it may not need legislation to introduce a bill if Ofgem are able to act quickly enough. (Reporting by Kate Holton; editing by William James)