UK Regulator Introduces Strict Capital Rules For Energy Suppliers | OilPrice.com

- Jul 26, 2023, 11:00 AM CDT

Ofgem is also pushing for better consumer choice by requiring suppliers to share customer service performance data, and is advocating for regulatory reforms including further protections in areas it cannot currently regulate.Ofgem has announced toughened capital requirements for suppliers, as it looks to shore up the industry’s finances following the volatility of soaring gas prices last year and the domestic energy crisis which caused 30 firms to collapse.

It is calling for earlier interventions to identify and offer support such as temporary repayment holidays for customers struggling with bills, and 24/7 emergency support for households cut off from their power or gas supply due to issues with their supplier, such as meter faults. It has also confirmed plans to intervene in the retail market for businesses, where its scope is currently more limited.

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