I know some favour light-touch regulation but I think Ofgem has been too light touch in the energy market. As energy customers we're all set to pick up the anticipated £2.8bn bill sooner or later.
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Gas price rises creating ‘national crisis’ in UK, energy companies warn
Regulator Ofgem on Wednesday approved £1.8bn of costs associated with rescuing suppliers that had failed in recent months, which will appear on household bills in April, although officials are examining whether the burden could be spread over a longer period. The final bill is expected to be more than £1bn higher.
The rescue of Avro Energy, the second largest supplier to fail after Bulb, is so far costing bill-payers more than £680m, according to Ofgem filings published on Wednesday.
Different suppliers have floated different possible interventions.
These include an emergency increase in the price cap earlier than its next scheduled change in April so companies can pass on costs to customers sooner; passing on an expected windfall in VAT on energy bills to the most vulnerable households; and moving levies on household energy bills that pay for policies such as supporting the growth of renewable energy to general taxation.
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https://www.ft.com/content/55fcab59-...2-a3ec7c7b5f95