Source · Select Committees · Business and Trade Committee
Recommendation 15
15
Acknowledged
Paragraph: 66
We recommend that the Government urgently publishes its long-delayed Strategy and Policy Statement for Ofgem...
Recommendation
We recommend that the Government urgently publishes its long-delayed Strategy and Policy Statement for Ofgem to guide the regulator on how to manage the political and distributional trade-offs intrinsic to its responsibilities and clarify the split of responsibilities between Ofgem and BEIS.
Government response summary AI-generated
Ofgem has been analysing responses to its policy consultation on Strengthening Financial customer credit balances and stress-testing and will share its revised analysis with the Committee.
Summary of the government's response below — read the verbatim text to verify.
Paragraph Reference:
66
Government Response
Acknowledged
HM Government · verbatim extract
Acknowledged
On 8 September, the government announced it will consider undertaking fundamental reforms to the structure and regulation of the energy market through recommendations from a new Review of UK Energy Regulation. The Strategy and Policy Statement (SPS) will subsequently be taken forward following the Review of UK Energy Regulation to ensure that the SPS can take account of the lessons learned from the review. The SPS will be designated in accordance with the Energy Act 2013 and will set out: (1) the strategic priorities, and other main considerations, of His Majesty’s government in formulating its energy policy for Great Britain; (2) the particular outcomes to be achieved as a result of the implementation of that policy, and (3) the roles and responsibilities of persons (including the Secretary of State and Ofgem) who are involved in implementing that policy or who have other functions that are affected by it.
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