Ofgem boss: “Energy crisis is entering a different phase”

According to Jonathan Brearley, the reduction in energy prices is expected to be reflected in the price cap within the upcoming months

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The Chief of Ofgem has stated that the energy crisis is moving into a new phase.

Jonathan Brearley made remarks during the Vulnerability Summit 2023, stating: “We saw huge turbulence in prices. We saw massive changes in the market, but things are changing somewhat that ultimately will feed through to consumers.

Prices are easing significantly. And I expect this to be reflected in the price cap and the bills we all pay in the coming months. However, I also know that it is unlikely that prices will return to those seen before 2021.

“Even if they do, there will always remain a significant group of vulnerable consumers who struggle to get their needs met from the energy market we have.”

Mr Brearley has called for the creation of a new Priority Services Register system, which would serve as a joint registry for vulnerable customers across various sectors, including energy, water, and potentially local and national government.

He also suggested exploring the possibility of incorporating data from the Department for Work and Pensions and the financial services sector.

The proposed joint register would simplify the process for families with vulnerabilities by allowing them to provide their information once to a single agency, which could then share the data with other relevant entities.

The aim of this initiative would be to provide a reliable source of information that can anticipate, identify, and respond to the needs of vulnerable customers.

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