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Outcome of Ofgem price controls consultation “will be the acid test”, says Citizens Advice

7 Mawrth 2018

Citizens Advice has responded to Ofgem’s consultation on its next round of price controls for energy network companies. The ‘RIIO2’ framework will set the level of energy network company profit over a five year period.

Last year, Citizens Advice revealed how, due to errors in forecasting the companies’ business costs, energy network companies are on course to make £7.5bn in unjustified profits over the current price control.

Gillian Guy, Chief Executive of Citizens Advice, said:

“Today’s announcement is a major step forward. These proposals should prevent a repeat of the billions in excess profits energy network companies are making under the current price controls. This means better value for consumers and potentially lower bills.

“The outcome of this consultation will be the acid test for Ofgem. It’s crucial that the regulator holds its nerve and sees through these changes.

“Curbing the ability of energy network companies to make excessive profits, limiting the price control to five years, and ensuring a greater voice for consumers are all measures that should take us closer to a towards an energy market that genuinely works for consumers.”

Notes to editors

  1. £7.5bn figure taken from Citizens Advice report Missing Billions (July 2017)
  2. Citizens Advice has a statutory role as the consumer advocate for energy consumers, to represent consumers across the energy industry.
  3. The Citizens Advice service is a network of around 300 independent local charities across England and Wales, the Citizens Advice consumer service and national charity Citizens Advice. Together we help people resolve their money, legal and other problems by providing information and advice and by influencing policymakers. For more see the Citizens Advice website.
  4. Citizens Advice provides free, confidential and independent advice to help people overcome their problems.
  5. The advice provided by the Citizens Advice service is free, independent, confidential, and impartial, and available to everyone regardless of race, gender, disability, sexual orientation, religion, age or nationality.
  6. To find your local Citizens Advice in England and Wales or to get advice online, visit citizensadvice.org.uk.
  7. Last year we helped over 2.7 million people face to face, by phone, email or web chat.
  8. People sought our help with 6.2 million issues in the last year. For full service statistics see our monthly publication Advice trends.
  9. Citizens Advice services are provided by 23,000 trained volunteers and 7,200 paid staff.