Ofgem
Government & Politics abbreviation · UK Government
| Stands for | Office of Gas and Electricity Markets |
|---|---|
| Categories | Government & Politics |
Ofgem stands for Office of Gas and Electricity Markets, a UK government abbreviation.
Regulator of Great Britain's gas and electricity markets, which licenses energy suppliers and networks, sets the energy price cap on default tariffs and protects consumers.
Example: Ofgem raised the price cap by 2 percent from October.
Usage notes
Formed in 1999 by merging the separate gas and electricity regulators. The price cap, introduced in 2019, limits unit rates and standing charges and is updated quarterly. More than two dozen suppliers failed during the 2021-2022 energy crisis, prompting tighter financial rules.
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