Transcription of Market Meltdown - Dec 2021
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Market Meltdown - Dec 2021
Market Meltdown How regulatory failures landed us with a multi-billion pound bill 1. Contents Executive summary 3 Some suppliers grew rapidly despite repeated 17. reports of non-compliance Consumers are paying the price for energy 5. Market turbulence Ofgem allowed a culture of rule- breaking with 19. some areas of the rulebook Rules ensuring companies were t to trade came 8. too late and didn't go far enough What changes do we need to see? 23. Rules to protect consumers came too late 8. Consumer con dence in the Market needs to be 23. Companies were able to build up large liabilities, 10 repaired much of which consumers will now have to pay We need a plan for how the Market will deliver for 25. Why weren't energy companies nancially resilient? 11 consumers as we decarbonise The rules that were there to protect consumers 14 Recommendations 29. weren't enforced Rules which would have protected customers 15. when suppliers fail weren't enforced Ofgem let companies get away with breaking the 16.
Ultimately consumers pay for companies’ rule-breaking Ofgem has a raft of powers it can use to tackle rule-breaking. But it’s been nearly 3 years since they last used powers to stop a company taking on new customers until it improved its service. In the meantime, rules on accurate billing, telephone support and prepayment continued to be ...
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