Source · Select Committees · Business and Trade Committee
Recommendation 21
21
Acknowledged
Paragraph: 94
The Special Administration Regime has been used for the first time to deal with the...
Conclusion
The Special Administration Regime has been used for the first time to deal with the failure of Bulb Energy, leaving taxpayers exposed to billions of pounds worth of costs. The decision not to implement a hedging strategy may have led to the sale of Bulb being less desirable and significantly increased costs to taxpayers.
Government Response Summary
Ofgem is working with the Department to ensure the development of a clear and coordinated roadmap for the future energy retail market to support the achievement of an effective transition to net zero in line with the targets set by Government.
Paragraph Reference:
94
Government Response
Acknowledged
HM Government
Acknowledged
Ofgem is working with the Department to ensure the development of a clear and coordinated roadmap for the future energy retail market to support the achievement of an effective transition to net zero in line with the targets set by Government. Ofgem’s vision for the energy retail market includes: • Delivering fair prices for consumers, with opportunities for all consumers to achieve savings through flexible energy use • Providing quality and standards of service that meet consumers’ needs and which protect them, in particular the most vulnerable, from harm • Supporting a low-cost transition to net zero, including by enabling the provision of innovative and green energy, and • Building resilience to market volatility and price shocks as well as encouraging long-term investment in the sector. The Department is expected to publish an update to their Energy Retail Market Strategy later this year, including further information about timescales for finalisation and implementation.