Ofgem is a name that is synonymous with the UK energy sector. Ofgem is responsible for promoting healthy competition in the energy market, setting standards, ensuring better prices for commercial and domestic energy products and services. The regulatory body also monitors other areas such as green gas supply, energy independence, and renewable energy
UK energy giants Npower have decided to lay off 4,500 staff due to price cap regulation. The price cap is set to affect the profitability of the organization negatively, so it is imperative it reduces its workforce. As a result of the layoffs, three call centers are under threat of closure.
2019 has been a terrible year for energy consumers, as price hikes have caused fuel poverty in the UK. Energy prices have been on a record rise in 2019 according to auto-switching services, with nearly all the big suppliers raising gas & electric prices. The severity of energy price hikes in 2019 is unprecedented, and has affected many homes in 2019. On the average price, the increase has risen from £75 in 2018 to about £110 in 2019.