Ofgem


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Related to Ofgem: Ofwat, Ofcom, DECC

Ofgem

(ˈɒfˌdʒɛm)
(in Britain) n, acronym for
(Commerce) Office of Gas and Electricity Markets: a government body formed in 1999 by the merger of the separate regulatory bodies for gas and electricity; its functions are to promote competition and protect consumers' interests
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The Bill set out the proposed new statutory role for Ofgem, as the energy regulator, to deliver a price cap for all consumers on default tariffs, including standard variable tariffs.
Depending on the outcome of the trial, Ofgem could roll out simplified collective switches for more customers.
Ofgem said raising the cap reflected higher wholesale energy costs and costs caused by Government policies.
Ofgem chief executive Dermot Nolan denied they had "caved in" to pressure from suppliers.
An Ofgem spokesman said: "We will now choose a new supplier to take on the customers of Future Energy.
Ofgem said: "Failure to meet minimum expectations can lead to a financial penalty.
He pressed Energy Secretary Greg Clark on the issue, saying: "Do you now intend to pass legislation that requires Ofgem to introduce a price cap or are you content now to let your firm election promise of a price cap fall by the wayside?
Ofgem has been under fire for failing to take on energy giants, which are quick to hike bills when wholesale costs rise but slower to cut when prices fall.
Since 2012 Ofgem has had powers to take action against generators in this area.
Ofgem senior partner for markets Rachel Fletcher said Ofgem was actively monitoring generators to ensure they played by the rules.
It follows research by Ofgem that found more than half of those who had complained - 57% of domestic customers and 52% of small businesses - were not satisfied with how their supplier handled the problem.
The investigation into prolonged billing problems and complaint issues has been made by Ofgem following its intervention in December 2013, which resulted in npower's CEO Paul Massara apologising to all the firm's customers.