Ofgem to shake up UK power
New strategy required to meet needs of low carbon transition says regulator
Ofgem has launched a new strategy today that will reform how the UK energy system is regulated.
The UK regulator said the country’s energy sector is undergoing “fundamental change” and so the regulatory and market arrangements will need to evolve to protect and advance customer interests.
“Our overall aim is to ensure a regulatory framework that drives innovation, supports the transformation to a low-carbon energy system and delivers the sustainable, resilient and affordable services that all consumers need,” Ofgem said.
It highlighted priority actions that will need to be addressed, including balancing supply and demand at all times, developing cross-cutting platforms to back up the energy transition and supporting innovation.
As part of the new strategy, Ofgem will also review the network code, considering looking at certain aspects of charging for use of the system.