{"id":64367,"date":"2022-08-18T08:20:39","date_gmt":"2022-08-18T07:20:39","guid":{"rendered":"https:\/\/www.taxresearch.org.uk\/Blog\/?p=64367"},"modified":"2022-08-18T08:22:33","modified_gmt":"2022-08-18T07:22:33","slug":"ofgem-director-resigns-confirming-that-it-is-on-the-side-of-profit-exploiting-companies","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2022\/08\/18\/ofgem-director-resigns-confirming-that-it-is-on-the-side-of-profit-exploiting-companies\/","title":{"rendered":"Ofgem director resigns, confirming that it is on the side of profit exploiting companies"},"content":{"rendered":"<p>As the <a href=\"https:\/\/www.theguardian.com\/business\/2022\/aug\/17\/ofgem-director-christine-farnish-quits-over-energy-price-cap\" target=\"_blank\" rel=\"noopener noreferrer\">Guardian note<\/a> today:<\/p>\n<blockquote>\n<p class=\"dcr-xry7m2\">A director at energy regulator\u00a0<a href=\"https:\/\/www.theguardian.com\/business\/ofgem\" data-component=\"auto-linked-tag\" data-link-name=\"in body link\">Ofgem<\/a>\u00a0has resigned, accusing it of favouring businesses over consumers with a rule change that will add as much as \u00a3400 to the average UK household energy bill.<\/p>\n<p class=\"dcr-xry7m2\">Christine Farnish, a non-executive member of the Gas and Electricity Markets Authority (Gema), Ofgem\u2019s board, tendered her resignation to the business secretary, Kwasi Kwarteng, in early August.<\/p>\n<p class=\"dcr-xry7m2\">Farnish said the regulator \u201cgave too much benefit to companies at the expense of consumers\u201d, according to a leaked internal Ofgem announcement. Across the UK\u2019s 27m retail energy customers a \u00a3400 annual bills increase could cost households more than \u00a310bn.<\/p>\n<\/blockquote>\n<p>The bias of Ofgem towards companies by insisting that energy be sold at the marginal cost of the highest cost producer has been a long-running theme on this blog and is discussed in <a href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2022\/08\/15\/surviving-2023-how-to-manage-the-coming-economic-crisis\/\" target=\"_blank\" rel=\"noopener noreferrer\">Surviving 2023<\/a>.<\/p>\n<p>It is nice to see that the policy, and its cost, has finally caused a resignation in revulsion at its imposition on a vulnerable population.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As the Guardian note today: A director at energy regulator\u00a0Ofgem\u00a0has resigned, accusing it of favouring businesses over consumers with a rule change that will add<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2022\/08\/18\/ofgem-director-resigns-confirming-that-it-is-on-the-side-of-profit-exploiting-companies\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"class_list":["post-64367","post","type-post","status-publish","format-standard","hentry","category-economics"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/64367","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=64367"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/64367\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=64367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=64367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=64367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}