Ofgem has launched a consultation extending its market stabilisation charge until March 2023.

The temporary measure was initially announced in mid-February and came into effect two months later in light of ongoing high gas and electricity prices.

Suppliers are required to pay a Market Stabilisation Charge (MSC) – this is paid by all domestic suppliers gaining new customers to suppliers losing them.

This happens when wholesale prices fall considerably below wholesale price cap index.

The MSC was introduced along with a ban on acquisition-only tariffs – both measures are set to expire in September.

A few days ago, the energy regulator set out new measures to protect customers and futureproof the energy market from further energy supplier failures.