We failed: Ofgem decide to increase profits for suppliers, but at least the cap has gone down

Video update on Ofgem's announcements today: https://youtu.be/QIF21kIh2T4

Good morning everyone,

Apologies for the terrible title, but it is accurate. We've been campaigning to get Ofgem to change the profit formula to reduce profits in a crisis, it seems stupid that energy suppliers benefit from an energy crisis while we struggle. However, Ofgem have decided to change the formula to INCREASE energy supplier profits going forward. 

I don't have a solution or next step today, other than to send complaint emails to Ofgem. Give the video above a watch for full information on Ofgem's announcements today and I'll be back next week with our next steps. 

We've stumbled, but we won't give up, we'll continue to put pressure on Ofgem in new and inventive ways. 

Also, here are links to two articles I posted this morning, one talks about the price cap falling (great news) and the other talks about Ofgem's 2 increases to the cap announced this morning: 

Price cap falls: https://www.over50smoney.com/Home+Bills/Energy/402__Ofgem+price+cap+to+fall+from+1+October+2023

Ofgem increase supplier profits: https://www.over50smoney.com/Home+Bills/Energy/403__Ofgem+increase+supplier+profits+from+1+October+2023

Enjoy the bank holiday weekend everyone, I'll be back early next week. 

Thanks,

Richard Winstone