Ofgem’s failures to effectively regulate energy suppliers as far back as 2018 have “come at a considerable cost” to households, the spending watchdog has said.
Despite problems with the financial resilience of energy retailers emerging in 2018, Ofgem did not tighten requirements for new suppliers until 2019 or for existing suppliers until 2021, by which point wholesale gas and electricity prices had increased to unprecedented levels, the Public Accounts Committee (PAC) said.
