Following extensive engagement with energy suppliers, businesses, consumers and other organisations, Ofgem is today announcing the publication of:
- A Non-Domestic Market Review findings and consultation: non-domestic refers to anything that is not a household. Many businesses throughout the country are struggling with energy market issues. The review summarises the challenges they face, and proposes a number of actions for the sector, Ofgem and Government to address.
- A Consumer Standards Statutory Consultation: There has been a decline in overall consumer satisfaction with customer service by domestic energy suppliers since 2018. Considerable work is already underway to address this. Ofgem is proposing new rules to ensure that all domestic customers, regardless of which supplier they are with, can contact their supplier and get support if they are struggling to pay.
- Minimum Capital Requirements for supplier finances: Ofgem wants all energy suppliers to be financially secure to ensure consumers benefit from a stable energy market. To that end, Ofgem is today announcing a decision on the level of capital that suppliers are required to hold to ensure they are more resilient to severe but plausible market shocks. Ofgem is also proceeding with proposals to have the power to direct suppliers to ringfence a portion of their customer credit balances when it is deemed to be in the consumer interest.
You can find attached three factsheets that refer to each of these announcements in detail, and include links and emails for further contact and engagement on these issues:
Factsheets:
