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...Other regulators, including Ofgem, the Financial Conduct Authority and the Prudential Regulation Authority, have internal audit capability requirements, the CIIA said in its letter....
...Under current legislation, Ofgem’s role includes a general remit to cut greenhouse gas emissions in energy supply....
...Has anyone in Ofgem considered the behavioural consequences of such a proposal? Why should anyone pay a power bill when Ofgem may decide to charge others for it? Denis Mulhall London KT3, UK...
...Ofgem, Britain’s energy regulator, has raised the price cap for the January to March period meaning bills of £1,928 a year for a typical home, up from £1,834 currently....
...Energy regulator Ofgem has set the cap for the April to June period at a level which would see typical households paying £1,690 per year, down from £1,928 at present....
...Britain’s energy regulator is considering increasing household bills to help suppliers cope after consumer debt to suppliers climbed to £2.6bn.Ofgem is consulting on whether to make a one-off adjustment...
...However critics, such as Citizens Advice, fear Ofgem’s plans could contribute to unfairly high bills for consumers....
...Still, Ofgem’s decision to allow cost recovery was controversial: one of its board members resigned over it in 2022....
...Ofgem has opened a consultation on the adjustment to the price cap. If enacted, the increase would take effect in April 2024....
...Letter in response to this article: Ofgem’s nudge economics / From Denis Mulhall, London KT3, UK...
...If energy companies do not comply with the new rules, they face “enforcement action and substantial fines”, said Ofgem....
..., in a sign of ongoing cost-of-living pressures despite the energy crisis easing.The figure has climbed from £2.6bn in October, according to figures published this morning by Britain’s energy regulator Ofgem.Ofgem...
...Ofgem, Britain’s energy regulator, has set the price cap for the April to June period at £1,690 per year for a typical household, down from £1,928 currently....
...Analysts at Cornwall Insight said on Friday that they expected regulator Ofgem to lower the cap, which governs the amount a typical household pays for gas and electricity, to £1,635 per year in the second...
...UK energy prices: The electricity and gas regulator Ofgem will update its household energy price cap on Friday....
...Ofgem plans to introduce new licence conditions after a probe found some generators have been holding back supplies so they can fetch higher prices in the market for back-up generation....
...O’Shea said it had “done a lot of work” over the past year to bring the work in-house but had not yet asked Ofgem for permission to restart....
...Jonathan Brearley, chief executive of Ofgem, acknowledged that households that use less energy than average would pay “slightly more” this winter....
...But there is no contradiction in Ofgem’s mission to build a decarbonised economy; secure energy independence; and protect consumers from volatile gas prices. They are all mutually reinforcing....
...Ofgem said the bank had implemented measures such as “enhanced staff training and the strengthening of its internal systems and controls” to ensure the breaches did not happen again....
...“We will continue to hold suppliers to account if they do not meet their obligations,” Ofgem said....
...“The energy industry will continue to work closely with Ofgem and the government to ensure a sustainable retail sector over the long term.”...
...“Customers in vulnerable situations will be given the extra care and consideration they deserve,” Jonathan Brearley, Ofgem chief executive, said....
...Citizens Advice said Ofgem’s plans to enable the profit margins of power providers to rise from 1.9 per cent to 2.4 per cent in October were “not properly justified or evidence-based”....
...Ofgem’s proposed solution amounts to a regressive energy tax....
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