Ofgem warns energy suppliers it will clamp down on excess profits

The head of Ofgem has fired a warning shot at suppliers as the worst energy crisis since the 1970s abates, making clear that the regulator will clamp down on excess profits and that firms with weak finances should not pay dividends. Jonathan Brearley, the chief executive of Ofgem, said during the past two years the country had seen an “energy crisis genuinely unprecedented since at least the 1970s” and as more normal conditions returned it would be alive to profiteering. “We will be vigilant in the way the price cap changes so it continues only to reflect costs reasonably incurred in the market,” he said. “We acted quickly to make changes to allowances in the price cap as prices rose and suppliers struggled to stem excessive losses, and we will act equally quickly to adjust the price cap if we see undue rewards across the sector as prices fall and profits return.”

https://www.theguardian.com/business/2023/jul/16/ofgem-warns-energy-suppliers-it-will-clamp-down-on-excess-profits-dividends

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