🔴 The energy regulator has been criticised for an “abdication of responsibility” by company bosses after unveiling new rules for suppliers that fail to protect customers’ credit balances.
The energy regulator has been criticised for an “abdication of responsibility” by company bosses after unveiling new rules for suppliers that fail to protect customers’ credit balances.
Customers typically pay a fixed monthly amount for their energy, with any overpayment made in warmer months being held by suppliers as a deposit which is used to pay for additional energy costs in the winter. Centrica’s chief executive, Chris O’Shea, accused Ofgem of an “abdication of responsibility” by deciding not to include new protections.
“If and when a large supplier fails, the recklessness of the decision not to address this issue will be clear for all to see.” “It suits big companies, as they have a very low cost of borrowing – so setting aside lots of money to ring fence gross customer deposits is no big deal for them,” he explained. “But for small providers it’s much more expensive, and that requirement could crush them.
Danmark Seneste Nyt, Danmark Overskrifter
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