Following today’s announcement of the Department for Energy Security and Net Zero’s Ofgem review, Energy UK’s chief executive Dhara Vyas said:
“Energy UK welcomes the Government’s announcement of a review of the role of the energy regulator. Since Ofgem’s remit was last considered, the market has undergone significant changes making this review a timely opportunity to ensure that regulation is fit for purpose.
“At the height of the energy crisis, most suppliers faced record-breaking numbers of customer calls, highlighting the immense pressure on the sector. While we’ve seen encouraging improvements in customer satisfaction scores more recently, the market’s instability has resulted in suppliers making collective losses of around £4 billion over the past four years – with impacts exacerbated by Covid-19 and the Russian invasion of Ukraine.
“Achieving Net Zero is one of the biggest challenges we face, and a sustainable energy retail market will be essential to making it happen. To attract the investment needed for innovation and to deliver the products and services households and businesses require for Net Zero, we need a regulatory framework that supports growth and stability – while ensuring continued improvements in customer service.”