About our Ofgem news
Latest news on Ofgem, providing comprehensive coverage of energy price caps, market regulation, supplier collapses, and consumer protection in the UK gas and electricity markets.
The Office of Gas and Electricity Markets (Ofgem) is the UK's energy regulator, responsible for overseeing the gas and electricity markets in Great Britain. Established in 2000, Ofgem plays a crucial role in protecting consumers, promoting competition, and ensuring the security of energy supply. With over 1,100 employees and an annual budget of around £90 million, Ofgem's decisions impact millions of households and businesses across the country.
Recently, Ofgem has been at the forefront of addressing challenges in the energy sector. The regulator has implemented measures to tackle the ongoing energy crisis, including adjusting the energy price cap more frequently to reflect volatile wholesale prices. Ofgem has also been working to improve the financial resilience of energy suppliers following the collapse of numerous companies in 2021 and 2022. The regulator faced criticism from the Business, Energy and Industrial Strategy Committee for its handling of these supplier failures, prompting a review of its regulatory approach.
Beyond crisis management, Ofgem continues to focus on consumer protection and market fairness. The Energy Industry Voluntary Redress Scheme, launched in 2018, has seen millions of pounds redistributed from energy companies that have breached regulations to support vulnerable consumers and fund initiatives aimed at reducing environmental impact. Ofgem has also been actively involved in supporting the UK's transition to net zero, working on regulations to facilitate the growth of renewable energy and the adoption of electric vehicles.
Ofgem's history dates back to the privatisation of the UK energy markets in the 1980s. Initially separate bodies, the Office of Electricity Regulation (OFFER) and Office of Gas Supply (Ofgas) merged to form Ofgem in 2000. This consolidation aimed to create a more effective regulator capable of overseeing the increasingly interconnected gas and electricity markets. Over the years, Ofgem's role has evolved from primarily focusing on price controls to addressing broader issues such as sustainability, security of supply, and consumer engagement in the energy market.
As the UK energy landscape continues to evolve, staying informed about Ofgem's activities is crucial for consumers, industry stakeholders, and policymakers alike. Our NewsNow feed provides comprehensive, up-to-date coverage of Ofgem's latest decisions, consultations, and initiatives, drawing from a wide range of reliable sources. Whether you're interested in energy policy, market trends, or consumer rights, our Ofgem feed ensures you have the latest information at your fingertips.