UK Energy Regulator To Reassess Price Caps As Debt Mounts

Households will be on the hook for Ofgem’s plans to stabilise the energy sector, with the regulator considering a rise in energy bills to reduce the risk of suppliers going bust. Ofgem is concerned over rising bad debt across the industry, which climbed to a whopping £2.6bn this summer – its highest ever level – due to a rise in wholesale energy prices and a cost of living squeeze on consumers.

This also follows Ofgem’s lengthy moratorium on forced prepayment installations, with the regulator set to permit their use in the industry again from next month – if suppliers sign up to beefed up terms and conditions to protect vulnerable households. Tim Jarvis, Director General for Markets at Ofgem, said “We know that households across the country are struggling with wider cost of living challenges, including energy, so any decision to add costs to the price cap is not one we take lightly.

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