The UK’s energy regulator has apologised for not capping energy bills sooner.
Ofgem Chief Dermot Nolan was accused of being a passive bystander by MPs, who said he had failed to prevent millions of customers from paying over the odds.
Mr Nolan said he will not receive his £15,000 bonus this year after admitting the regulator had not acted quickly enough to protect consumers from the most expensive tariffs.
He said sorry to vulnerable customers for not capping their bills earlier, adding efforts to help people move off poor-value default tariffs had not been as quick or effective as expected.
Peter Kyle, Labour MP for Hove, said: “Your testimony sounds so incredibly passive. Do you ever roll your sleeves up and really get stuck in? I don’t see any evidence of that.”
Mr Nolan replied: “I apologise if I seem passive, I honestly do not feel passive… I wish we had moved earlier in putting price caps in.”
He also admitted he thought it was possible some tariffs would go up in price and that switches between suppliers may fall after the tariff is introduced.