Ofgem are basically an industry lobbyist at this point. Most regulators end up effectively being lobbyists for the industry they’re supposed to regulate.
The problem is that the price cap has become a price target. Because the energy companies are now all just tracking the cap, there’s basically no competition and therefore no market forces driving prices down.
The other elephant in the room is electricity prices being dictated by gas prices when gas is generally only responsible for less than 40% of our electricity generation capacity.
The whole thing needs a rethink.
OFGEM need to sort the standing charges out before anything. Spend £300+ a year for the luxury of having a gas and electricity supply
Maybe just go back to having national utilities not being run by for profit companies and have them run as services.
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Ofgem are basically an industry lobbyist at this point. Most regulators end up effectively being lobbyists for the industry they’re supposed to regulate.
The problem is that the price cap has become a price target. Because the energy companies are now all just tracking the cap, there’s basically no competition and therefore no market forces driving prices down.
The other elephant in the room is electricity prices being dictated by gas prices when gas is generally only responsible for less than 40% of our electricity generation capacity.
The whole thing needs a rethink.
OFGEM need to sort the standing charges out before anything. Spend £300+ a year for the luxury of having a gas and electricity supply
Maybe just go back to having national utilities not being run by for profit companies and have them run as services.