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Regulatory Failure - OFGEM blamed for rising bills due to supplier failures

23rd June 2022

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Here's a potential example of regulatory failure, with the National Audit Office (NAO) thinking that a failure to regulate the energy sector last year, and the collapse of 28 energy companies has added an extra £94 per year onto the bill of each household in the UK.

Whilst OFGEM's own review reached the same conclusions, it remains to be seen whether the correct regulatory conclusions will be drawn.

Explosive stuff from @NAOorguk today on Ofgem's central role in the energy crisis where 30 companies failed

Corroborates much of what we @CitizensAdvice have been saying - that entry reqs to the market were lax, consumer protections weren't enforced (1/https://t.co/VCKAHVfP7I
— Abby Jitendra (@abbyabhaya) June 22, 2022

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Graham Watson

Graham Watson has taught Economics for over twenty years. He contributes to tutor2u, reads voraciously and is interested in all aspects of Teaching and Learning.

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Regulatory Failure - OFGEM blamed for rising bills due to supplier failures

Graham Watson

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