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Regulator to Get Power to Ban Energy Bosses’ Bonuses Under Reforms
The overhaul gives Ofgem direct consumer-law enforcement powers and lets it block bonuses for executives who breach rules or harm customers.
- The Government announced reforms granting Ofgem new powers to ban bonuses for energy executives whose firms breach licence conditions and cause significant harm to consumers.
- These reforms represent the first major update to Ofgem's scope since its 2000 founding, as Interim Ofgem CEO Tim Jarvis noted the energy system is undergoing 'the biggest changes in our lifetime.'
- Energy Secretary Ed Miliband described the measures as 'tough and fair,' explaining that Ofgem will now enforce consumer law directly, avoiding lengthy court processes while holding individual executives accountable.
- Citizens Advice director of energy Gillian Cooper welcomed the actions for enabling a fair transition to green energy, while Minister for energy consumers Martin McCluskey emphasized every household deserves a 'fair deal.'
- Energy UK chief executive Dhara Vyas called the review disappointing, arguing it falls short of the radical structural reform needed, though Desnz cited the market's growing complexity since Ofgem's 2000 creation.
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Energy bosses 'could have bonuses blocked by watchdog' in bid to 'stand up for working people'
Energy bosses could have their bonuses blocked by watchdogs under new plans to beef up the regulator’s powers. Ofgem, which is responsible for protecting customers by regulating the energy market, will be given greater powers to “fight consumers’ corner” and to “hold energy executives to account”. The Government says the “comprehensive overhaul” of the watchdog will allow it to act as a “true consumer champion”. Ofgem says the powers are needed …
·London, United Kingdom
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The IndependentReposted by 
The Independent (US)
The Independent (US)Energy firm bosses face bonus ban if they ‘break the rules’ in major Ofgem reforms
The energy regulator is set to undergo a ‘transformation’ to enable it to enforce quicker compensation for households let down by their suppliers
·London, United Kingdom
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Total News Sources14
Leaning Left5Leaning Right2Center2Last UpdatedBias Distribution56% Left
Bias Distribution
- 56% of the sources lean Left
56% Left
L 56%
C 22%
R 22%
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