Ofgem chief unveils plan to extend tenure
Ofgem has announced that its chief executive will stay on until 2020 to oversee the introduction of a price cap on gas and energy suppliers.
Dermot Nolan, who took up the role in March 2014, will now continue as chief executive until February 2020. The move has been approved by the Secretary of State at the Department for Business, Energy and Industrial Strategy, who appoints the body’s chief executive.
Ofgem chairman Martin Cave said Nolan was staying on longer than originally planned “to continue to deliver our work to protect consumers’ interests in the energy market. 2019 will see us bed in the price cap that will benefit over 11m consumers, and it is very good news that Dermot is committed to stay on and oversee this and other important reforms to the energy market.”
In September, the energy regulator announced it was introducing a price cap of £1,136 per year for a typical dual fuel direct debit customer, which the regulator said should save 11m households around £75 a year. The move followed an election pledge by Theresa May in 2017 to cut bills by £100 a year.
News that Nolan will extend his tenure comes just a day after another small energy provider, One Select, folded. The “low-cost” supplier, which had 36,000 customers and had been trading for only two years, is the ninth to go under in 2018 alone.