British energy regulator OFGEM announced yesterday that is to streamline its structure so it can better ‘focus on protecting consumers’ – after its chief executive last week admitted to MPs he had failed to do so.
From April 2018, the watchdog’s functions will be streamlined into three divisions:
- Consumers and Markets will look after the interests of consumers in the energy market. Its remit will include both wholesale and retail markets as well as enforcement.
- System Operation and Networks will focus resources on the next round of network price controls due to start in 2021 and ensuring maximum benefits for consumers from the rapid changes in the energy system.
- Corporate & Scheme Services will provide business support services to Ofgem and run environmental schemes for Government.
Further details will be published in March ahead of the re-organisation after a torrid time for the regulatory watchdog which has been attacked for ‘sleeping on the job’ instead of protecting consumer interests.
OFGEM will publish more details on the reorganisation in March ahead of the reorganisation taking place in April.
16 Jan 2018