Ofgem has announced that energy customers’ money is to be protected under new financial measures to ensure suppliers can withstand future shocks to the market.
The energy regulator has said suppliers will be able to “weather the ongoing storm” of challenges facing the industry, especially over autumn and winter. Proposals include better protecting consumer credit balances if a company goes into administration, ensuring suppliers have enough money during trying circumstances and allowing firms to have sufficient control over key assets.
Ofgem also announced on June 20 that there will be a tightening on the level of direct debits suppliers can charge customers.
