Ofgem’s flurry of reforms to the energy sector could stop new ideas from entering the market and improving outcomes for customers, warned the boss of challenger supplier Good Energy.
over its handling of the energy crisis, which has seen 30 suppliers collapse in the past 18 months.
He slammed the review’s process as “difficult to follow”, and felt it benefitted bigger firms with large compliance teams who had members of staff with experience of working at Ofgem and “understood the language” of reviews. Good Energy also agreed last month to refund owners of renewable generators over £450,000 after imposing unauthorised administrative charges on them.Ofgem has unveiled multiple reforms following the energy crisis, with households and businesses facing record energy bills this winter averaging £2,500 per year – despite vast subsidies included in support packages.
He said: “I think it is perfectly legitimate for a regulator to be very strong on hedging requirements, particularly hedging, as compared with the scale of your business because the thing that went wrong with Bulb is it got too big too quickly.
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