Ofgem to INCREASE supplier profits from October 2023

Hi Everyone

Ofgem to increase supplier profits: https://youtu.be/4ai_ujep2-Q

That link above is an update about Ofgem's latest consultation on the profit formula, just watch the first 90 seconds to get the majority of the info. The last 90 seconds of the video I give you the details about us handing the petition into 10 Downing Street.

Unfortunately, Ofgem are planning on changing the formula so that it increases supplier profits rather and decreasing them like we suggested. I don't understand how they came to this conclusion and we're going to have to do some work in the next week or two to let them know we disagree, but I'll post another update on that once I know what we need to tell them.

I'm sorry it looks like we're losing this battle, but that doesn't mean we give up. We can still be heard and influence Ofgem's decision, I'll need to ask all of you to help me with that next week hopefully. 

For now, enjoy the reduced price cap figure coming in July and enjoy this beautiful bank holiday weekend. 

Thanks everyone,

Richard Winstone