OFGEM


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Related to OFGEM: Ofwat, Ofcom, DECC
AcronymDefinition
OFGEMOffice of Gas & Electricity Markets (UK government)
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In a letter to stakeholders, Ofgem has today committed to put the cap in place by the end of the year, provided that legislation is passed as expected before Parliament rises for the summer recess.
Ofgem is also launching a new trial involving over 250,000 customers on expensive deals who will receive up to two letters or emails from their supplier telling them about three available cheaper deals, including from rivals.
Ofgem chief executive Dermot Nolan denied it had "caved in" to pressure from suppliers.
Earlier this year Ofgem told gas and electricity networks to expect tougher price controls amid claims that they are exploiting consumers to enjoy PS7.
He asked the Energy Secretary: "Would you agreed that Ofgem's proposals will be viewed as a great betrayal of those 14 million households and if we are going to create an economy that works for everyone, will you distance yourself from this Big Six stitch-up and pledge yourself to help the millions of households who Ofgem seem set to ignore?
Ofgem said all awards followed Government guidelines and pay was frozen for two years in 2011.
She added: "Given SSE's admission to its failure, its action to make amends and the small scale of the breach, Ofgem believes the payment is the right level of penalty and will not take further action in this case.
Ofgem said satisfaction with Npower and Scottish Power had fallen particularly markedly, from 36% to 21% and from 44% to 20% respectively, with only SSE managing to maintain levels of satisfaction found two years ago.
Ofgem has also launched a wider investigation into customer service failings under its new Standards of Conduct (SoC), part of Ofgem's reforms for a simpler, clearer and fairer energy market.
The bumper pay-outs emerged after Ofgem was attacked for failing to protect customers from inflation-busting price hikes.
The figures bring the total cost of payouts to Ofgem staff over the past four years to PS2.
The generation figure of earnings before interest and tax of 20% is not, as Ofgem acknowledges, 'a meaningful measure of profitability'.