This is a pretty unconvincing article, because it ignores that the energy price cap wasn't really intended to shield consumers from massive swings in underlying

This is a pretty unconvincing article, because it ignores that the energy price cap wasn't really intended to shield consumers from massive swings in underlying wholesale prices – so it can't really be said to have failed at a thing it wasn't intended to do. The cap was mostly there to stop some people from being fleeced in specific situations when they were on a standard variable-rate tariff or prepayment plans. It was already set at a pretty high level.