The energy independence bill grants Ofgem authority to cap executive bonuses, levy penalties, and ban disreputable operators from the market entirely. Bringing third-party intermediaries under formal regulatory oversight is expected to save UK enterprises more than £100m each year. Additionally, local councils will be empowered to fine landlords up to £30,000 for renting out energy-inefficient properties. These interventions come alongside a licensing halt on English onshore fracking and stringent cost tests for future offshore wind developments.
Key points
Energy sector executives and brokers will face direct financial penalties, bonus restrict…: Energy sector executives and brokers will face direct financial penalties, bonus restrictions, and industry bans for exploitative contract sales.
Landlords must upgrade energy-inefficient properties or risk substantial financial penalt…: Landlords must upgrade energy-inefficient properties or risk substantial financial penalties from local enforcement councils.
Ministers continue targeting clean power by 2030 despite over £3bn in departmental budget…: Ministers continue targeting clean power by 2030 despite over £3bn in departmental budget cuts diverted to defence.
Sources checked by our analysis pipeline: 1
Energy bosses in the UK will have their bonuses curtailed when suppliers and brokers break the rules under a crackdown on mis-selling.
Through the energy independence bill, which will be introduced on Wednesday, Ofgem will be given new powers to order compensation, impose fines and ban rogue operators that have pushed businesses and households into overpriced contracts.
Companies with a business energy supply contract often use a broker to secure their deal, but – unlike the intermediaries who market mortgages or insurance deals – these energy middlemen are largely unregulated.
The government said rogue brokers had been able to push small businesses into overpriced energy contracts while pocketing hidden commissions, leaving companies paying more than they should.
These energy brokers and price comparison services will now be brought under Ofgem’s remit. The move is expected to save businesses more than £100m a year from hidden commissions and mis-selling.
The watchdog will also be given powers to crack down on payments to bosses who have “rewarded themselves while customers suffer”.
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