Ofgem is determined to take action against suppliers that have overcharged business customers.
The energy regulator has met with Chancellor Jeremy Hunt, to discuss an action plan to support customers.
In response to the meeting, Ofgem has committed to several measures to protect consumers and promote fair practices within the energy market.
The regulator intends to publish its review of the non-domestic market this summer, shedding light on any misconduct and outlining appropriate steps to address it.
Ofgem will also ensure that all suppliers pass on the benefits of falling energy prices to consumers.
The regulator will review the price cap formula to ensure it accurately reflects the costs faced by suppliers.
In light of the energy sector’s transition from loss-making to profit, Ofgem will also closely scrutinise the finances of suppliers.
The Chancellor chaired a roundtable discussion with CEOs from various regulatory bodies, including the Competition and Market Authority, Financial Conduct Authority, Ofcom, Ofgem, and Ofwat.
The government’s objective to halve inflation this year was central to the meeting.
The Chancellor emphasised the need for regulators to work efficiently to ensure fair and well-functioning markets.
Jeremy Hunt said: “I am pleased we’ve secured agreement with the regulators to act urgently in areas where consumers need most support to ensure they are treated fairly.
“We are working hard to halve inflation this year and return to the 2% target. Businesses must play their part too and I will keep a watchful eye on the progress they make.”
