The Ofgem Board decided in December 2021 to commission a review into the root causes of the recent supplier failures and specifically, into how regulation of the industry played a part.
Oxera, the economics and finance consultancy, was appointed in January 2022 to conduct and deliver the review at pace, with a commitment from the Board that as soon as it was finalised it would be published. Oxera has this week presented Ofgem with their final report and recommendations.
The Board accepts the recommendations in the report, many of which were already being implemented. The Board will ensure all recommendations are carried out to further strengthen the regulatory regime, building on work by colleagues across the organisation to ensure that through robust regulation, Ofgem does the best it possibly can for consumers up and down the country.