Responding to publication of the Government’s review of Ofgem, Dhara Vyas, Chief Executive of Energy UK, said:
“It’s disappointing that this review falls short of the radical reform that is necessary to create a more streamlined and focused regulator, better equipped to both protect consumers and foster an investable energy sector. The long-term answer is to tackle deep rooted structural and cultural issues and move towards regulation that is focused on delivering investable, innovative, energy markets that bolster growth and lower bills. This fundamental problem has little to do with insufficient powers, but rather how the regulator has chosen to use its powers in the past.
“The publication of this review should still be an opportunity to reset Ofgem’s future approach. We hope to see a more efficient and independent regulator, empowered to focus its resources on tackling the most serious issues without being diverted by short-term thinking and kneejerk responses, particularly in the retail market. We welcome the efforts that Ofgem has begun to make in reducing over-prescriptive and onerous regulation so energy companies can spend more time investing, innovating, and improving the service they provide to their customers.
“Energy UK looks forward to working with Ofgem and the Government, to ensure that regulation enables stability, investment and growth across the energy sector, while playing an effective role in protecting customers. It is also welcome to see the intent to improve the technical skills and expertise at the regulator’s disposal.”
- The most recent survey carried out by Ofgem and Citizens Advice revealed that overall customer service satisfaction with energy suppliers has reached an all-time high (77%).
