Source · Select Committees · Business and Trade Committee
Recommendation 39
39
Paragraph: 162
The Department and Ofgem must urgently update the Energy Retail Market Strategy so that the...
Conclusion
The Department and Ofgem must urgently update the Energy Retail Market Strategy so that the supplier retail market aligns with our net zero target; this must include interim milestones and high-level principles about the role suppliers will play in achieving net zero.
Paragraph Reference:
162
Government Response
Not Addressed
HM Government
Not Addressed
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.