The watchdog is still proposing a requirement for suppliers to hold capital reserves and will seek feedback on the plans it hopes to publish in spring 2023, it said.
Ofgem's chief executive, Jonathan Brearley, said the energy crisis, caused by soaring wholesale gas prices this year, had profoundly impacted the sector and its business models. Centrica, the owner of Britain's largest energy supplier British Gas, said dropping the proposal for customers' credit balances felt like an "abdication of responsibility by a regulator not focusing on the right things".
We have had years of failure on uk energy policy. Cash from north see gas was used to keep voters sweet to keep a failing Tory government in power. No investment was made in guarantee for future supply. Energy efficient homes was swear words. Today we still have no investment.
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