Responding to Ofgem’s announcement on new financial measures for energy suppliers, Dan Alchin, Director of Regulation at Energy UK said:
“We’ve long called for stronger measures to ensure that new suppliers entering the retail market have the right expertise and financial resilience to withstand a volatile environment. We also welcome moves to reduce the costs that are passed onto customers when suppliers exit the market – something that has been brought into sharp focus with nearly 30 providers having gone out of business since last August. However this would still leave customers facing substantial costs when a supplier fails, which underlines the importance of creating a sustainable retail market over the next few years.”