In a recent interview on Sky News, Mr Brearley acknowledged the positive steps taken with the new price cap announcement while underscoring the need for a more thorough assessment of its impact and alternatives.
However, concerns have surfaced following a report from the Resolution Foundation, revealing that rising standing charges could lead to higher bills for approximately seven million households during the upcoming winter months.
Brearley stressed the importance of collaborative efforts between Ofgem, the government and the industry to ensure that support reaches those most need it.
“Things are changing, the market is stabilising but there’s more for all of us to do,” he said, underlining the necessity for collective support.
In response to queries about the energy price cap’s effectiveness against rising prices, Mr Brearley advocated a holistic view of pricing regulation, considering the dynamic market changes in the past three years.
Ofgem’s chief highlighted the need to compare the cap’s performance to potential alternatives and urged the government to explore and decide.
Mr Brearley proposed diverse avenues for potential reform, such as introducing flexibility to adapt to market dynamics and exploring a social tariff to alleviate the financial burden on the most vulnerable.
“We would like to see all of that in the mix,” he asserted, suggesting a comprehensive approach.