Jonathan Brearley stated: “Customers deserve a stable and financially resilient energy market, and we will take action against any company that pays out to their shareholders while taking unnecessary financial risks.”
To address the issue of energy profiteering, Ofgem plans to introduce reforms and closely monitor the price cap, which sets limits on energy prices.
The regulator aims to ensure that prices reflect reasonable costs incurred in the market and protect consumers from price fluctuations.
Brearley acknowledged the challenges of the current price control system, saying, “It is a blunt instrument that struggles to respond to an energy market where prices are volatile.”
Brearley emphasised Ofgem’s commitment to vulnerable customers, stating, “We need to find a way to ensure millions of households can afford the energy they need without going into debt.”
The regulator aims to work with the government to provide targeted support for those most affected, especially as winter approaches.