{"id":19062,"date":"2022-06-20T18:42:18","date_gmt":"2022-06-20T13:42:18","guid":{"rendered":"https:\/\/dailyrapidnews.com\/eng\/?p=19062"},"modified":"2022-06-20T18:42:59","modified_gmt":"2022-06-20T13:42:59","slug":"ofgem","status":"publish","type":"post","link":"https:\/\/dailyrapidnews.com\/eng\/2022\/06\/20\/ofgem\/","title":{"rendered":"The energy regulator has accused suppliers of using customers’ credit as an “interest-free company credit card.”"},"content":{"rendered":"\n

Ofgem has announced new plans to ensure that consumers do not end up footing the bill for failed energy companies.<\/p>\n\n\n\n

It has proposed new measures in the hope of preventing energy suppliers from going bankrupt and protecting customers.<\/p>\n\n\n\n

Among the modifications are:<\/p>\n\n\n\n

Suppliers should be in better financial shape so that they are less likely to fail in the event of a market shock.<\/p>\n\n\n\n

Consumer credit balances will be safeguarded.<\/p>\n\n\n\n

Green levies will be safeguarded.<\/p>\n\n\n\n

Consumers will NOT bear the costs of failed businesses.<\/p>\n\n\n\n

Suppliers will have greater control over “the critical assets required to run their business.”<\/p>\n\n\n\n

Tighter restrictions on the amount of direct debits suppliers can charge customers<\/p>\n\n\n\n

Ofgem stated that it hoped the measures would reduce the risk of suppliers going bankrupt and provide greater consumer protection.<\/p>\n\n\n\n

“Today’s proposals will ensure that customers’ hard-earned money is properly protected so that a company must foot the bill if it fails, rather than consumers picking up the tab,” said Jonathan Brearley, chief executive of Ofgem.<\/p>\n\n\n\n

It stated that the measures will protect consumers’ credit balances if businesses fail, so that they are not left footing the bill for failed businesses.<\/p>\n\n\n\n

As energy prices began to rise last year, nearly 30 companies went bankrupt, including Bulb, which had 1.7 million customers.<\/p>\n\n\n\n

It is estimated that the failures cost each UK household \u00a394.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ofgem has announced new plans to ensure that consumers do not end up footing the<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[591],"tags":[1543],"class_list":["post-19062","post","type-post","status-publish","format-standard","hentry","category-news","tag-ofgem"],"yoast_head":"\nThe energy regulator has accused suppliers of using customers'<\/title>\n<meta name=\"description\" content=\"Ofgem has announced new plans to ensure that consumers do not end up footing the bill for failed energy companies.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dailyrapidnews.com\/eng\/2022\/06\/20\/ofgem\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The energy regulator has accused suppliers of using customers'\" \/>\n<meta property=\"og:description\" content=\"Ofgem has announced new plans to ensure that consumers do not end up footing the bill for failed energy companies.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/dailyrapidnews.com\/eng\/2022\/06\/20\/ofgem\/\" \/>\n<meta property=\"og:site_name\" content=\"Rapid News\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-20T13:42:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-20T13:42:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2022\/06\/jj.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"656\" \/>\n\t<meta property=\"og:image:height\" content=\"426\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"maria\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/dailyrapidnews.com\/eng\/#website\",\"url\":\"https:\/\/dailyrapidnews.com\/eng\/\",\"name\":\"Rapid News\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/dailyrapidnews.com\/eng\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/dailyrapidnews.com\/eng\/2022\/06\/20\/ofgem\/#webpage\",\"url\":\"https:\/\/dailyrapidnews.com\/eng\/2022\/06\/20\/ofgem\/\",\"name\":\"The energy regulator has accused suppliers of using customers'\",\"isPartOf\":{\"@id\":\"https:\/\/dailyrapidnews.com\/eng\/#website\"},\"datePublished\":\"2022-06-20T13:42:18+00:00\",\"dateModified\":\"2022-06-20T13:42:59+00:00\",\"author\":{\"@id\":\"https:\/\/dailyrapidnews.com\/eng\/#\/schema\/person\/45803d9047a4602fb1c72ac388913257\"},\"description\":\"Ofgem has announced new plans to ensure that consumers do not end up footing the bill for failed energy companies.\",\"breadcrumb\":{\"@id\":\"https:\/\/dailyrapidnews.com\/eng\/2022\/06\/20\/ofgem\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/dailyrapidnews.com\/eng\/2022\/06\/20\/ofgem\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/dailyrapidnews.com\/eng\/2022\/06\/20\/ofgem\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/dailyrapidnews.com\/eng\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The energy regulator has accused suppliers of using customers’ credit as an “interest-free company credit card.”\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/dailyrapidnews.com\/eng\/#\/schema\/person\/45803d9047a4602fb1c72ac388913257\",\"name\":\"maria\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/dailyrapidnews.com\/eng\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/9183437264b2c8256d42b9d888103f03014889033e9895cd818b256037c5d603?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/9183437264b2c8256d42b9d888103f03014889033e9895cd818b256037c5d603?s=96&d=mm&r=g\",\"caption\":\"maria\"},\"url\":\"https:\/\/dailyrapidnews.com\/eng\/author\/maria\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The energy regulator has accused suppliers of using customers'","description":"Ofgem has announced new plans to ensure that consumers do not end up footing the bill for failed energy companies.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/dailyrapidnews.com\/eng\/2022\/06\/20\/ofgem\/","og_locale":"en_US","og_type":"article","og_title":"The energy regulator has accused suppliers of using customers'","og_description":"Ofgem has announced new plans to ensure that consumers do not end up footing the bill for failed energy companies.","og_url":"https:\/\/dailyrapidnews.com\/eng\/2022\/06\/20\/ofgem\/","og_site_name":"Rapid News","article_published_time":"2022-06-20T13:42:18+00:00","article_modified_time":"2022-06-20T13:42:59+00:00","og_image":[{"width":656,"height":426,"url":"https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2022\/06\/jj.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"maria","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/dailyrapidnews.com\/eng\/#website","url":"https:\/\/dailyrapidnews.com\/eng\/","name":"Rapid News","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/dailyrapidnews.com\/eng\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/dailyrapidnews.com\/eng\/2022\/06\/20\/ofgem\/#webpage","url":"https:\/\/dailyrapidnews.com\/eng\/2022\/06\/20\/ofgem\/","name":"The energy regulator has accused suppliers of using customers'","isPartOf":{"@id":"https:\/\/dailyrapidnews.com\/eng\/#website"},"datePublished":"2022-06-20T13:42:18+00:00","dateModified":"2022-06-20T13:42:59+00:00","author":{"@id":"https:\/\/dailyrapidnews.com\/eng\/#\/schema\/person\/45803d9047a4602fb1c72ac388913257"},"description":"Ofgem has announced new plans to ensure that consumers do not end up footing the bill for failed energy companies.","breadcrumb":{"@id":"https:\/\/dailyrapidnews.com\/eng\/2022\/06\/20\/ofgem\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/dailyrapidnews.com\/eng\/2022\/06\/20\/ofgem\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/dailyrapidnews.com\/eng\/2022\/06\/20\/ofgem\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/dailyrapidnews.com\/eng\/"},{"@type":"ListItem","position":2,"name":"The energy regulator has accused suppliers of using customers’ credit as an “interest-free company credit card.”"}]},{"@type":"Person","@id":"https:\/\/dailyrapidnews.com\/eng\/#\/schema\/person\/45803d9047a4602fb1c72ac388913257","name":"maria","image":{"@type":"ImageObject","@id":"https:\/\/dailyrapidnews.com\/eng\/#personlogo","inLanguage":"en-US","url":"https:\/\/secure.gravatar.com\/avatar\/9183437264b2c8256d42b9d888103f03014889033e9895cd818b256037c5d603?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/9183437264b2c8256d42b9d888103f03014889033e9895cd818b256037c5d603?s=96&d=mm&r=g","caption":"maria"},"url":"https:\/\/dailyrapidnews.com\/eng\/author\/maria\/"}]}},"jetpack_featured_media_url":"","featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","cream-magazine-thumbnail-2":"","cream-magazine-thumbnail-3":"","cream-magazine-thumbnail-4":""},"author_info":{"display_name":"maria","author_link":"https:\/\/dailyrapidnews.com\/eng\/author\/maria\/"},"category_info":"<a href=\"https:\/\/dailyrapidnews.com\/eng\/category\/news\/\" rel=\"category tag\">News<\/a>","tag_info":"News","comment_count":"0","jetpack-related-posts":[{"id":17214,"url":"https:\/\/dailyrapidnews.com\/eng\/2022\/05\/24\/households-energy-expenses-could-skyrocket\/","url_meta":{"origin":19062,"position":0},"title":"Households’ energy expenses could skyrocket,","date":"May 24, 2022","format":false,"excerpt":"Households' energy expenses could skyrocket to an eye-watering \u00a32,800 per year. Ofgem CEO Jonathan Brearley told the Business, Energy, and Industrial Strategy Committee that an energy price cap \"in the range of \u00a32,800\" is expected in October. Previous forecasts indicated that the price cap would rise to \u00a32,750. On April\u2026","rel":"","context":"In "News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":18356,"url":"https:\/\/dailyrapidnews.com\/eng\/2022\/06\/09\/energy-bills\/","url_meta":{"origin":19062,"position":1},"title":"Most households’ energy bills will be reduced as a result of Ofgem’s plans to reduce standing charges.","date":"June 9, 2022","format":false,"excerpt":"Part of the cost of sky-high energy bills could be eliminated under proposals from the Ofgem energy regulator to help British households cope with rising living costs. Ofgem's plans to reduce standing charges could result in lower energy bills. Millions of households in the UK have already seen their bills\u2026","rel":"","context":"In "News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16751,"url":"https:\/\/dailyrapidnews.com\/eng\/2022\/05\/18\/live-off-the-cash-you-stashed-under-your-mattress-and-dont-expect-a-raise\/","url_meta":{"origin":19062,"position":2},"title":"Live off the cash you stashed under your mattress and don’t expect a raise.","date":"May 18, 2022","format":false,"excerpt":"This appears to be Bank of England boss Andrew Bailey's bungling message to the 28 million households facing the worst cost-of-living crisis in most people's lives. The \u00a3575,000-a-year governor urged that workers \"think and reflect\" before asking for higher wages to cover rising costs. MPs accuse Bailey, an unpopular choice\u2026","rel":"","context":"In "News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":18816,"url":"https:\/\/dailyrapidnews.com\/eng\/2022\/06\/15\/99p\/","url_meta":{"origin":19062,"position":3},"title":"The cafe offers the UK’s cheapest full English for 99p to assist struggling customers.","date":"June 15, 2022","format":false,"excerpt":"After striking a deal with suppliers, the Tastee Cafe in Sheffield, Yorkshire, slashed the price of their popular breakfast by a third. Cafe owners have been fed up with the cost of living crisis and have reduced the price of a full English to just 99p to assist their hungry\u2026","rel":"","context":"In "News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16724,"url":"https:\/\/dailyrapidnews.com\/eng\/2022\/05\/18\/uk-inflation-touches-a-40-year-high-of-9\/","url_meta":{"origin":19062,"position":4},"title":"UK inflation touches a 40-year high of 9%.","date":"May 18, 2022","format":false,"excerpt":"As millions of homes face increased energy costs, prices are rising at their quickest rate in 40 years. Inflation in the United Kingdom increased to 9% in the year to April, up from 7% in March. Last month, millions of consumers saw their energy expenses soar by an astonishing \u00a3700\u2026","rel":"","context":"In "international"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":18781,"url":"https:\/\/dailyrapidnews.com\/eng\/2022\/06\/15\/pakistans-power-outages\/","url_meta":{"origin":19062,"position":5},"title":"The impact of the Russia-Ukraine conflict on Pakistan’s power outages.","date":"June 15, 2022","format":false,"excerpt":"In the midst of scorching heat, Pakistan is experiencing hours-long power outages due to a fuel crisis, as it is unable to obtain liquefied natural gas (LNG) from Italian and Qatari suppliers. All of this is the result of a European campaign to boycott Russian fuel as a form of\u2026","rel":"","context":"In "latest"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/19062","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/comments?post=19062"}],"version-history":[{"count":1,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/19062\/revisions"}],"predecessor-version":[{"id":19064,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/19062\/revisions\/19064"}],"wp:attachment":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/media?parent=19062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/categories?post=19062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/tags?post=19062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}