Ofgem Chief says sorry for not capping bills sooner

The UK’s energy regulator has apologised for not capping energy bills sooner. Ofgem Chief Dermot Nolan was accused of being a passive bystander by MPs, who said he had failed to prevent millions of customers from paying over the odds. Mr Nolan said he will not receive his £15,000 bonus this year after admitting the […]

Ofgem warns suppliers to prepare for ‘radical’ change

The head of Ofgem has warned suppliers they need to prepare for change, “whether industry likes it or not”. Speaking at the Energy UK Annual Conference today, Dermot Nolan, Chief Executive of the energy watchdog, said suppliers would need to drop their most expensive tariffs or face action. His speech followed the government’s publication of […]

Greg Clark seeks Ofgem’s advice to tackle ‘unfair energy practices’

Business and Energy Secretary Greg Clark is seeking advice on the steps Ofgem will take to address “unfair practices” in the energy market. He has written to Ofgem Chief Executive Dermot Nolan about bringing the damage caused by poor value standard variable tariffs to retail energy customers to a “rapid end”. The Conservative Party manifesto […]

Ofgem boss gets fat pay rise on fuel poverty day

The CEO of Ofgem has bagged a £15,000 bonus on top of his £190,000 salary. Dermot Nolan is one of three senior civil servants at the energy watchdog to net the extra cash. The news comes out on Fuel Poverty Awarness Day and as new research shows millions of energy customers in the UK are stuck […]

Energy suppliers could face stricter new financial tests

Both old and new energy suppliers could face tougher financial tests under new plans being considered by Ofgem. The regulator said it will be reviewing its approach to awarding supply licenses as well as financial requirements. It comes amid concerns energy companies can be set up easily and more could go bust following GB Energy […]

Ofgem boss: “I’d very much prefer network firms weren’t monopolies”

Dermot Nolan, the boss of energy regulator Ofgem has admitted he would “very much prefer” if the UK’s network firms were not “monopolies”. Yesterday he was called before MPs on parliament’s energy select committee as part of their inquiry into network costs. The six network firms which run Britain’s local power lines and pylons have sole control […]

Commons carnage as MPs grill energy sector

There could be a double whammy of rebukes for energy bosses on Tuesday. MPs on the Commons’ energy watchdog have called in Energy Minister Matthew Hancock and Ofgem boss Dermot Nolan to grill them on the rising cost of energy networks. Both will have support from wingmen (and women): Hancock brings DECC’s lead on Energy […]

Ofgem confirms new boss

Energy watchdog Ofgem has confirmed Dermot Nolan as the new Chief Executive who will take on the role from March next year. He has been a Commissioner at the Commission for Energy Regulation (CER) in Ireland since 2008 and its Chair since May 2011. CER is responsible for energy and energy safety regulation and the […]