The watchdog said that, for the first time, its objectives will directly align the interests of consumers across the country with the UK’s plan to get to net zero by 2050. The change comes in an amendment to the current government’s energy bill.
Until now, Ofgem has been tasked with protecting the interests of existing and future gas and electricity consumers. It has also been told to protect these customers’ interests by reducing greenhouse gas emissions in the supply of gas and electricity.
Now, it will also be tasked with protecting future consumers’ interests by supporting the government to reach its 2050 net-zero target.
Jonathan Brearley, Ofgem's chief executive, said: “Our fundamental objective will always be to protect the interests of existing and future consumers. It is at the heart of everything we do.
“Ofgem welcomes this mandate, which brings us in line with the UK government’s legal obligations and, for the first time, directly links...