‘Too slow to act’: Ofgem’s ‘failures’ cost energy consumers billions, say MPs

Report claims Ofgem failures cost households £2.7bn or £94 each. Photograph: Danny Lawson/PA

MPs have questioned whether the energy regulator, Ofgem, is fit to police the industry after it was blamed for costing British households billions of pounds as a result of suppliers going bust.

Politicians on the powerful public accounts committee said Ofgem had failed to govern the sector “at a considerable cost to billpayers” in a damning report into the regulation of energy suppliers.