Information reaching Ngnews 247, Christine Farnish stated that she quit because she did not believe the regulator “hit the correct balance.”
Why did the Ofgem director quit
Christine Farnish told The Times that the regulator had not “found the correct balance between consumer and supplier interests.”
Every three months, Ofgem is in charge of determining the level at which home energy bills are capped.
Ms Farnish was commended by the watchdog for “her many years of diligent work.”
What Ms. Farnish told?
Ms Farnish told the Times that she disagreed with a decision to modify the cap to allow suppliers to recoup certain wholesale costs sooner – a policy the regulator claims will prevent more suppliers from going bankrupt.
What Ofgem spokesperson said?
“Due to this unprecedented energy crisis, Ofgem is having to make some really tough decisions where carefully balanced trade-offs are being weighed up all the time,” an Ofgem spokesperson said.
“However, we consistently prioritise the demands of our customers, both in the short and long term.”
The regulator has come under fire for lifting the energy price limit – the maximum amount suppliers in England, Scotland, and Wales can charge domestic customers for per unit of energy – in October.
What Ofgem said?
“We are aware of a resignation at the Board of Ofgem, which has been accepted,” a representative for the government’s business department said.
Further comment from Ms. Farnish was rejected. Ngnews 247