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Is Ofgem up to the job of sorting out the energy crisis?
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Ofgem wants to close the stable door after the horse has bolted. The regulator now feels it would be an excellent idea if the retail energy market was not littered with failed companies – 26 at the last count, in the space of three brutal months. It wants to ensure such a thing can not happen again.
The ingredients of reform are not hard to identify: outsiders have been telling Ofgem about them for months, or years. And, to be fair to the regulator, a loose version of most can be found in the draft proposals it published on Wednesday.
Suppliers will be subjected to “stress testing” to ensure they are “adequately hedged or hold sufficient capital to manage a wide range of scenarios”. There will be “enhanced monitoring” of companies. Key
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