Ofgem failures to effectively regulate the energy market have cost households £2.7 billion

The committee concluded this was due to “Ofgem’s failure to effectively regulate the energy supplier market”, adding that the regulator “did not strike the right balance between promoting competition in the energy suppliers market and ensuring energy suppliers were financially resilient”.was “providing only very limited protection to households from increases in the wholesale price of energy”, noting that Ofgem expected prices could “get significantly worse through 2023”.

PAC said the position of vulnerable customers, who already pay higher energy prices, was “unacceptable”.

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