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Ofgem director resigns over energy price cap hike
Christine Farnish ‘could not support’ decision to add hundreds of pounds to bills
...
Her resignation led to accusations that the government is “asleep at the wheel” on regulation of the energy market as families and businesses face surging costs.
...
Ms Farnish, who served on the Ofgem board for several years, told The Times: “I resigned from the Ofgem board because I could not support a key decision to recover additional supplier costs from consumer bills this winter.”
She believes the move will “add several hundred pounds to everyone’s bill in order to support a number of suppliers in the coming months”.
It is understood her resignation is linked to Ofgem’s decision to change the methodology of the price cap to allow suppliers to recover some of the high energy “backwardation” costs sooner rather than later.
Energy bills for the average UK household are on course to hit a devastating £4,266 a year in January as wholesale gas prices surge.
https://www.independent.co.uk/news/business/news/ofgem-director-resigns-energy-price-cap-b2147195.html
...
Her resignation led to accusations that the government is “asleep at the wheel” on regulation of the energy market as families and businesses face surging costs.
...
Ms Farnish, who served on the Ofgem board for several years, told The Times: “I resigned from the Ofgem board because I could not support a key decision to recover additional supplier costs from consumer bills this winter.”
She believes the move will “add several hundred pounds to everyone’s bill in order to support a number of suppliers in the coming months”.
It is understood her resignation is linked to Ofgem’s decision to change the methodology of the price cap to allow suppliers to recover some of the high energy “backwardation” costs sooner rather than later.
Energy bills for the average UK household are on course to hit a devastating £4,266 a year in January as wholesale gas prices surge.
https://www.independent.co.uk/news/business/news/ofgem-director-resigns-energy-price-cap-b2147195.html
Much as I applaud Ms Farnish's stand, I don't understand how it can be said that the government is "asleep at the wheel".
Johnson's taken early retirement and is spending the dregs of his time in office on jolly hols abroad, his deputy, Dominic Raab, is notable only for his invisibility, and Truss and Sunak are touring the UK whipping up the haggard Tory hordes into voting for a leader who'll promise to undo some of the untold harm their party's done to the country in over a decade in power by doing much the same all over again, but with the prize bonus of extra fascism.
There's nobody at the wheel. Maybe that's better for us all, given the prospects.