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An Ofgem spokesman said: “These are extremely serious allegations from The Times which we will investigate urgently with British Gas and we won’t hesitate to take firm enforcement action.
Energy regulator Ofgem announced plans to host a consultation to examine how it can protect the energy market after summer figures revealed that energy debt reached a record £2.6 billion.
Energy regulator Ofgem approved the use of the levy to cover the cost of its bungled regulation of the market, which led to around 30 firms going bankrupt in less than two years.
Final approval has been given by Ofgem for the subsea electricity transmission link to Orkney.
Source: https://www.orcadian.co.uk/final-piece-of-the-jigsaw-as-ofgem-approves-orkney-interconnector/
For Ofgem, the challenge is to create a system which encourages this kind of behaviour.
Households will pay an extra £94 on average per year on their energy bills after Ofgem raised its price cap.
However, by opting for the E.on Next Pledge Tariff, it tracks Ofgem, but it is three per cent cheaper - meaning customers are guaranteed to save money.
If the Ofgem price cap is lower than the EPG, then that will be the amount that determines how much we pay for bills.
In recent years, the cost of variable tariff energy deals in England, Wales and Scotland has been controlled by the energy price cap, which is now set every three months by Ofgem, the energy regulator.
Source: https://www.bbc.co.uk/news/business-58090533?at_medium=RSS&at_campaign=KARANGA
Meanwhile, Citizens Advice chief executive Dame Clare Moriarty said: “It’s now up to suppliers to follow the rules and for Ofgem to crack down quickly on any sign of bad practice.
More households will be protected from having pre-payment energy meters forcibly fitted in their homes with new rules from regulator Ofgem.
Mr Pilley claimed that he worked transparently and with an "open door" with regulator Ofgem and that emails show BES tried to ensure complaince with Ofgem's rules.
Ofgem added that SSE’s fine was reduced from £11.58 million as the company settled the investigation early.
Ofgem has since announced that the cap will be set at £1,923 for the final quarter of the year.
Source: https://www.independent.co.uk/news/uk/home-news/dwp-colp-september-2023-b2409635.html
Ofgem has told UK ministers that the energy debt currently stands at £2.5bn with Scotland’s share estimated to be at £220m.
Ofgem raises the energy price cap due to market instability.
Source: https://londonlovesbusiness.com/hundreds-of-oxfam-workers-to-strike-next-month/
Ofgem said a review of customer service standards and complaints-handling across the sector uncovered “severe weaknesses” at E.ON Next, with customers facing long call waiting times and a high level of unanswered calls.
Ofgem said in a statement: "Earlier this year, we strengthened rules regarding direct debits, which should prevent excessive accumulation of consumer credit balances.
Source: https://www.bbc.co.uk/news/business-66992865?at_medium=RSS&at_campaign=KARANGA
Ofgem said it was launching a consultation on options which aimed to help protect the energy market after figures showed energy debt reached a record £2.6 billion.
Source: https://www.dailypost.co.uk/news/north-wales-news/bills-could-rise-17-order-27894721
On Friday, Ofgem said: “This remains one of the most difficult and volatile periods in history for energy consumers.