Image: Vitalij Terescsuk
Energy suppliers, including British Gas, OVO, Bulb, E.ON, ScottishPower and SSE, will collectively pay £10.8 million in penalties for failing to meet smart meter installation targets in 2022.
These companies missed the target of installing 1,026,628 smart meters by the required deadline.
As a result of Ofgem‘s actions, they have agreed to contribute to the Energy Industry Voluntary Redress Fund, which aids vulnerable consumers at risk from cold homes and high energy bills.
Cathryn Scott, Director of Enforcement and Emerging Issues for Ofgem, said: “The installation of smart meters is a vital step in the modernisation of our energy system and the path to net zero by 2050.
“Smart meters give customers better information about their energy usage helping them budget and control their costs.”
Make sure you check out the latest Net Hero Podcast episode: