THE LEADING PUBLICATION FOR THE HOSPITALITY SECTOR & LICENSED TRADE Issue 171
www.CLHNews.co.uk
CLHNews
CLHNews
CLHNews
Sector Welcomes New Ofgem Business Reform Announcement
Plans announced by energy regulator Ofgem to address the sector’s crippling energy crisis and introduce a series of reforms to further improve standards of customer service for businesses have been welcomed by the industry leaders. Following broad engagement with energy suppliers, businesses and consumers, the regulator is announcing the publication of a series of reports, which will include: • A Non-Domestic Market Review findings and consultation – with many businesses struggling with energy market issues, the review will summarise the challenges they face and propose several actions for the sector, Ofgem and the government to address. • Minimum Capital Requirements for Supplier Finances – Ofgem wants all energy suppliers to be financially secure to ensure consumers benefit from a stable energy market. To that end, the regulator is today announcing a decision on the level of capital
that suppliers are required to hold to ensure they are more resilient to severe but plausible market shocks. Ofgem is also proceeding with proposals to have the power to direct suppliers to ringfence a portion of their customer credit balances when it is deemed to be in the consumer interest. • A Consumer Standards Statutory Consultation-There has been a decline in overall consumer satisfaction with customer service by domestic energy suppliers since 2018. Considerable work is already underway to address this. Ofgem is proposing new rules to ensure that all domestic customers, regardless of which supplier they are with, can contact their supplier and get support if they are struggling to pay Ofgem's proposals, they say, would establish expectations to ensure all customers receive a consistent and acceptable level of service regardless of which company they are with.
(CONTINUED ON PAGE 3)