Centrica sets out plans to reform UK energy market

LONDON, Nov 20 (Reuters) - Centrica (Frankfurt: A0DK6K - news) , Britain's biggest domestic electricity and gas supplier, has set out plans to reform its pricing by withdrawing the most common form of tariff, the standard variable tariff, ahead of government intervention in the market.

The government said in October it would impose price caps on standard variable tariffs (SVT), the basic rate that energy suppliers charge if a customer does not opt for a specific fixed term deal, in a bid to drive down the amount customers pay.

Centrica said on Monday the industry could do more to improve the market and said it would withdraw SVTs for new customers and proposed a raft of other changes to the way it operates.

(Reporting by Kate Holton, Editing by Paul Sandle)