Ofgem


Also found in: Dictionary, Acronyms, Wikipedia.
Related to Ofgem: Ofwat, Ofcom, DECC

Ofgem

in Britain
Office of Gas and Electricity Markets: a government body formed in 1999 by the merger of the separate regulatory bodies for gas and electricity; its functions are to promote competition and protect consumers' interests
Collins Discovery Encyclopedia, 1st edition © HarperCollins Publishers 2005
References in periodicals archive ?
Mr Owen added: "Ofgem has advised the Energy Committee that it would accept the responsibility should the Government offer it; however the Secretary of State does not see the urgency and frankly people are being let down by the market."
Head of regulation at consumer group energywatch, Carole Pitkeathley called for the speedy resolution to Ofgem's decision.
Ofgem said it will publish a formal consultation in the first half of 2020 on the proposed regulatory framework for the electricity networks.
It means that Ofgem will now consult on whether to extend the provisional order it made in May.
Ofgem also paid out PS842,170 in bonuses to 722 workers in the last financial year.
"Ofgem's advice is not to switch, but to sit tight and wait until the new supplier has been appointed.
Meanwhile, the charity National Energy Action expressed concern that Ofgem was moving customers who receive the Warm Homes Discount and who do not have a prepayment meter away from its "safeguard" tariff and onto the new default price cap.
Because of this contribution, Ofgem has decided not to take formal enforcement action against EDF.
In the meantime, Ofgem's advice to Future Energy customers is: | DON'T switch supplier | DO sit tight and take a meter reading |DO wait until your new supplier contacts you The spokesman added: "This will make the process of handing Future Energy's customers over to a new supplier, and honouring their credit balances, as hassle free for customers as possible."
Speaking during an urgent question in the Commons, Mr Whitehead said Ofgem's proposals would only apply to 2.5 million customers, leaving some 14 million people on standard variable tariffs "completely unprotected".
Hundreds of staff shared the record payout at Ofgem, which was set up to regulate the energy industry and stop customers being ripped off.