The Office of Gas and Electricity Markets
OFGEM, a big name in the consumer protection game, regulates the electricity and gas industry by ensuring that prices are fair. They encourage suppliers to use competitive pricing and attract clients by offering good rates. They also ensure that the bigger suppliers do not monopolise the industry. This ensures that there is also a continuous investment into the networks.
OFGEM also advocates a clean green environment and the efficient use of fuel sources and resources. In addition to this role they also stand up for the special needs of the elderly, disabled and those who earn below a certain threshold where electricity and gas are concerned.
The structure of OFGEM
OFGEM consists of executive as well as non-executive members. There are four executive members including the CEO. The non-executive members are representatives from the electricity and gas industry who contribute a great deal in terms of knowledge and experience.
The power given to this Authority is further governed by five different acts namely the Gas Act of 1986, the Utilities Act of 2000, the Enterprise Act of 2002, the Electricity Act of 1989 and the Competition Act of 1998. Go to the Authority section to find out more information.
What does OFGEM NOT do?
OFGEM acts as a consumer protector by monitoring the suppliers and the processes within the industry. They are not a consumer complaints board and do not deal with consumers. In the event that a complaint or concern arises the first port of call is to make a complaint with the supplier. Should this not be satisfactorily resolved the next step is to get in touch with Consumer Direct. For more information on Consumer Direct, click here.
Head Office: EATON HOUSE, STATION ROAD, LEEDS, LS20 8XB Company Registration: 4704157 Vat Registration: 817013852