The Office of Gas and Electricity Markets (Ofgem) is the public regulatory body overseeing energy companies in the UK. Intent on protecting consumer rights and company responsibilities, Ofgem today is an important governmental entity.
Its responsibilities set out in several formal energy Acts of Parliament, Ofgem oversees proper competition in the energy industry. Operating on the theory that heavy competition promotes the best prices, Ofgem prevents anti-competitive collusion between firms and on occasion refunds consumers who have been unfairly penalised by energy companies.
Presently involved in an investigation of energy suppliers, Ofgem’s importance is undoubted.