Energy Supply

(asked on 14th April 2022) - View Source

Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps his Department is taking to require energy suppliers to protect customer credit balances.

Answered by
Greg Hands Portrait
Greg Hands
Minister of State (Department for Business and Trade)
This question was answered on 26th April 2022

On 14th April, Ofgem published an open letter outlining proposals to further tighten protections from any financial instability of suppliers, including preventing the use of customer credit balances as working capital. Ofgem plans to conduct a statutory consultation on ringfencing customer credit balances later in the spring of this year. They also plan a consultation on policy options related to capital adequacy.

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