Ofgem Replies, Updated Energy Guide and Your Stories
Hi Everyone!
This is a bit of a bigger update, so to cut it down i'll use bullet points:
- I've received an update from Ofgem to the email I sent to their CEO Jonathan Brearly, they're treating my request as a freedom of information request. I've copied and pasted their reply at the bottom of this update if you'd like to see what I wrote to them. I want to thank those of you that have forwarded on your replies from Ofgem, if any of you do receive informative replies from Ofgem please forward them onto me at Richard@over50smoney.com.
- I've updated the Energy Guide I created last month, it now takes into account the political and policy updates that have changed over the last few weeks (a crazy couple of months for UK politics!) Here's a link: https://www.over50smoney.com/Home+Bills/The+Energy+Guide
- To gain media attention, I'd like to include some personal stories of how real people are struggling with their energy bills at the moment. I know this is a sensitive topic, but if you have a story you'd like to share and you don't mind me passing that story onto media outlets, please can you email details of your situation to me at Richard@over50smoney.com. I'll obviously be including stories from people i know personally and I'll be emailing some of you back that have already sent me details of your situations to ask permission to use them for the media campaigns.
- Finally, I just want to ask that we keep the momentum up on this by continuing to share links on Facebook and Twitter (please tag me or Over50smoney on the posts @richardWinstone on twitter or @Over50smoney on Facebook). Now that the second conservative leadership contest is now over I hope that there will be more media attention available for our cause!
Thank you for continuing to support the petition, we're currently aiming to get to 200,000 signatures in the next two weeks, so we'll keep our fingers crossed!
As promised, here's the email I received back from Ofgem, which includes the content of the email I sent them originally:
Dear Richard,
Thank you for your email on 24 October in which you requested the following information:
" I am aware that this week Ofgem has received a large number of identical complaints calling for you to review the price cap formula. These emails have come from a petition I've started which has so far received over 160,000 signatures and is continuing to grow. You can read more about the petition using the link at the bottom of this email.
Please confirm:
1. The total number of complaints you've received this week on this issue. (I am aware of at least 1,300, as I was CCed into those, but am also aware I may not have been CCed into all).
2. Do you accept that the current price cap formula massively inflates supplier profits, provides unnecessary headroom allowance which actually just adds to profit levels, provides no incentive for energy suppliers to reduce or manage their costs as profits are higher with higher costs, provides no incentive for suppliers to quickly start offering cheaper fixed rate tariffs again and, in short, is totally unfit for purpose in the current domestic energy market?
3. That Ofgem is now dedicating a reasonable amount of resource to reviewing the price cap formula and will act QUICKLY to change the formula before the next price cap comes into play (January 2023) so as to reduce the amount of government debt built up on energy supplier profits and to ensure consumers aren't being taken for a ride from April 2023?
Please note that I have copied my local MP into this email, who is aware of the concerns I have on this matter and has raised them with the Secretary of State for BEIS, Jacob Rees-Mogg.
I look forward to hearing back from you soon.
Petition link: https://chng.it/9jKbDX7P"
We are considering your request under the Freedom of Information Act 2000 ("FOIA").
I have forwarded your correspondence to the relevant team and will respond within 20 working days, or sooner if possible.
Kind regards,