Ofgem’s role in keeping energy low carbon and affordable has been reaffirmed by Energy Secretary Chris Huhne.
The Ofgem Review brought out today by the Department of Climate Change proposes new goals for the gas and electricity market, to be confirmed in a new Strategy and Policy Statement.
Part of the plans include an annual report from Ofgem on how it will monitor these new aims.
Energy and Climate Change Secretary Chris Huhne said: “A strong, independent regulator will be crucial to building the secure, affordable, low carbon energy we need. Long-term certainty is vital too. We are proposing to set clear goals which Ofgem must play its part in meeting, so that industry and consumers know the rules of the game.
“Today we are also reshaping how our delivery bodies work for us, to ensure more accountability and maximum value for money.”
Ofgem’s Chairman Lord Mogg welcomed the findings of the review: “The emphasis DECC’s Review places on the value of a strong, independent regulator is welcome. It underlines how important to investors a stable and predictable regulatory framework is to ensure that the £30 billion of investment for Britain’s energy networks is delivered in the decade ahead.
“Consumers too need confidence in the energy market. Our Retail Market Review will provide still more assurance that protecting their interests is Ofgem’s core role.”
A spokesperson for Ofgem told ELN: “We’re thrilled with the review and its endorsement of Ofgem’s role as an independent regulator.”
Alongside the Ogfem review, DECC also released its Delivery Review today, which outlined the ways DECC wants to improve the delivery of its policies. Central to this is the establishment of a new Office of National Energy Efficiency within the department to coordinate “a wider energy efficiency strategy”.