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UK energy watchdog promises tougher stress tests for suppliers
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The energy regulator has promised to put in place tougher stress tests for energy suppliers to prove they have the financial strength to weather a surge in energy market prices – with consequences for suppliers which fail.
Ofgem’s chief executive, Jonathan Brearley, said regulation would need to “go much further” to assess whether suppliers are able to weather unpredictable energy market shocks, after the collapse of more than 20 suppliers in the last 12 weeks.
The energy regulator boss was forced to defend its record in a House of Lords hearing after historic energy market highs sank a string of providers, including Bulb Energy, which will require a taxpayer bailout of up to £1.7bn to keep supplying its 1.7 million customers through the
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