Ofgem deputy director meets with us to discuss excessive profits from energy suppliers

Ofgem deputy director meets with us to discuss excessive profits from suppliers: https://youtu.be/NDdH0B4_N4M

Hi everyone,

I met with Dan Norton today to discuss the excessive profit reallocation charge i proposed. It looks like they're not going to do anything about it straight away, he effectively used the meeting to try to explain to me whythese profits were fair and why they arent going to occur again. 

It's frustrating but the two big takeaways for me are:

1. They are going to review energy supplier costs to make sure the allowances are hitting the right mark, which may lead to a reduction in the price cap next year. 
2. The EBIT announcement will come out next Friday and we'll know whether they're deliberately giving suppliers more profits or not. 

So really, the big news is that next week will be a big week, right before the bank holiday weekend, which is a little frustrating but we'll have opportunity to tell Ofgem what we think about it all then. I'll post a video about all of the announcements next week.

Please keep subscribe to our youtube channel to keep up with all of the consultations that we're doing, this really helps shape what Ofgem do going forward. 

Thanks everyone, have a great weekend.

Richard Winstone