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2343709
Ofgem
Description
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ofgem
yolo
swag
Mind Map by
8epark-poulson
, updated more than 1 year ago
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Created by
8epark-poulson
over 9 years ago
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Resource summary
Ofgem
Protecting the interests of current and future electricity and gas consumers
Promote value for money, which includes competition issues
Reduced the number of tariffs energy companies could offer to household to just four
Made it compulsory for them to tell consumer if there was a tariff that would be cheaper over the next 12 months
Aim to bring next-day switching
Currently a month
Fining firms that mis-sell
Fines up to £10.5 million
Money distributed to customers facing fuel poverty
Transparency of costs, prices and profits
Must publish seperate accounts for generation and supply
Most publish whole sale prices 3 month in advance
Helps small retailers who buy their gas and energy from the big-six
Gas and electricity network operators are told the prices they are allowed to charge by Ofgem
Ensure security of supply
Free market would fail to prevent black outs as extra capacity for peak demand is not cost efficient
Strategic resource
Cannot be stored
Wind is unreliable
Promote sustainability , reducing energy consumption away from fossil fuels
"Smart meters" provide constant reading oh household useage
Due for every home by 2020 for free
Pay for themselves by replacing meter readers
Help consumers reduce their bills
Allows energy companies to charge us more during peak periods of demand
Ofgem settling on 30 minute charging period
Annual competitions with up to £50 million prize more, for companies to find ways to reduce demand or become more eco-friendly
Implement government regulations
Reducing UK emissions over 1990-2050 by 80%
Growing proportion of renewable energy
Buy energy from small scale producers, homes with solar pannels
Reduce domestic consumtion, install insulation
Discounts worth £300 million annulay to the fuel impoverished
Funded mostly from levy from companies (£83 million)
"Ofgem may have unwittingly contributed to the problem of weak competition and high prices"
Big-six profits up significantly since Ofgem started giving more frequent and detailed instruction
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