Ofgem has been slammed as it prepares to give energy suppliers the green light for a crippling increase in bills. The watchdog is expected to say on Friday it will raise a price cap for 15 million customers by around £150 a year. The 13% surge, which starts in October as temperatures drop, will be blamed on higher wholesale costs. But the rise – from £1,138 to around £1,288 a year – will be devastating for those already struggling to make ends meet. It is likely to renew focus on the role of Ofgem, whose £121million of spending last year was funded by suppliers. Chief executive Jonathan Brearley raked in more than £300,000 in pay and perks last year, with fellow bigwigs sharing more than £2.4million.
Mirror 2nd Aug 2021 read more »