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“Reform is urgently needed”, Citizens Advice responds to Ofgem’s latest proposals for energy market

15 Rhagfyr 2021

In its role as the official watchdog for energy consumers, Citizens Advice has responded to Ofgem’s proposals to reform the retail energy market announced today. Including: 

  • A package of measures to boost financial resilience in the sector 

  • Financial stress testing for all suppliers from January

Dame Clare Moriarty, Chief Executive of Citizens Advice, said:

“Reform of the energy market is urgently needed. Ofgem’s failure to adequately regulate the sector left it vulnerable to recent price spikes, with the subsequent collapse of 26 firms leaving bill payers facing a multi-billion pound bill. 

“Ofgem is right to prioritise building sustainable and resilient business models that can withstand increases in wholesale gas prices. Everyone should be able to trust their energy supplier is fit to operate.”

Commenting on proposed changes to the price cap, Dame Clare Moriarty said: 

“There’s likely to be a large increase in the price cap from April 2022. It's vital that government and Ofgem work together to support households as bills rise, particularly those on the lowest incomes.”

 -ends-

Background:

  • Citizens Advice recently published a major new report on regulatory failings in the energy market. 

  • It estimates supplier failures since Aug 2021 will cost consumers £2.6 billion - around £94 per customer from 2022 - this is not including the £1.7 billion of taxpayer money the Government has set aside for Bulb’s failure.

Notes to editors

  1. Citizens Advice includes the national charity; the network of independent local Citizens Advice charities across England and Wales; the Citizens Advice consumer service; and the Witness Service.
  2. Citizens Advice is the statutory consumer advocate for energy and post. We provide supplier performance information to consumers and policy analysis to decision makers.
  3. The Citizens Advice Witness Service provides free, independent support for prosecution and defence witnesses in every criminal court in England and Wales.
  4. Citizens Advice offers Pension Wise services at 500 locations in England and Wales.
  5. Citizens Advice’s services are free, independent, confidential and impartial, and available to all regardless of race, gender, disability, sexual orientation, religion, age or nationality.
  6. To get advice online or find your local Citizens Advice, visit citizensadvice.org.uk
  7. For consumer advice, call the Citizens Advice consumer service on 0808 223 1133 or 0808 223 1144 to talk in Welsh.
  8. We helped 2.6 million people face to face, by phone, email and webchat in 2017-18. For service statistics see our monthly publication Advice trends.
  9. Citizens Advice staff are supported by over 23,000 trained volunteers, working at over 2,500 locations in England and Wales.