The watchdog's plans include introducing capital adequacy requirements, with Ofgem seeking feedback on the proposals it hopes to publish in Spring 2023.
It said it would also make suppliers ringfence the money they needed to buy renewable energy and it would stamp out the misuse of customers' credit balances. Ofgem's chief executive, Jonathan Brearley, said the energy crisis, caused by soaring wholesale gas prices this year, had profoundly impacted the sector and its business models.
"These proposals will provide protections, checks and balances for consumers, suppliers and the entire sector to create a more stable market," he said.Our Standards:
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UK's Ofgem says price cap will rise to nearly $5,200 without interventionBritish energy regulator Ofgem said its price cap for average household energy bills would rise by about 21% to 4,279 pounds ($5,170.74) a year from January to the end of March 2023. electricity will always be electricity where is the problem ? a more sinister view may be taken!
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Source: Reuters - 🏆 2. / 97 Read more »