Ofgem to increase customer compensation from £30 to £40

Blog: Ofgem to update Compensation payments from £30 to £40

Hi everyone!

I hope you're all enjoying this sweltering sun, we all known we'll miss it when it's gone! 

I know the summer is in full swing and no one is thinking about the dreaded, expensive winter times yet, but in the energy industry we're all gearing up for the end of the summer holidays and the onslaught of Ofgem consultations and regulatory changes we're expecting to see. To that end, I bring you a positive change Ofgem are implementing. 

The blog post above gives more detail, but a broad overview is that Ofgem is going to change the minimum compensation that energy suppliers have to pay to customers when the energy supplier fails to meet minimum customer service standards. They're increasing the compensation from £30 (set in 2015) to £40, to account for inflation and future inflation into the 2030s. I think this is a positive change that Ofgem are implementing, I'm glad to see it happening.  

I do think there are a lot of other changes that are going to be made which I doubt I'll agree with as much, but we'll see what happens later this month. 

I wanted to let you know that we're not giving up on the call for regulatory changes, this is important work that needs to be done. The plan is to have the report out by the beginning of October. This will obviously be after the first 100 days of the government, which is a shame, but we originally anticipated a November election and we can't rush this work too much. As I have more information, I'll let you guys know, but for now please keep sharing the petition around to get more signatures, it'd be great if we can reach 100,000 by the end of August!

And thank you to everyone that has shown support on the crowdfunder page, this money was used to pay for the initial outlay of setting up the business and the ongoing maintenance of the website. We'll be doing another fund raising stage later this month to attempt to secure funds to finalise the Ofgem report that we'll be presenting to government officials. 

Thanks everyone, enjoy the blog and don't forget to stay hydrated during this heatwave!

Richard Winstone