Consumer champion Martin Lewis has apologised after ranting at energy staff, calling proposed changes to the energy price cap a “f***ing disgrace”.
Earlier today it was announced the energy price cap – the mechanism that determines gas and electricity bills for 22 million households – could soon be reviewed up to every three months.
Mr Lewis tweeted that he wanted to “formally apologise” to Ofgem staff for “losing my rag in a background briefing” and saying its changes are a “f***ing disgrace that sells consumers down the river”.
“I should’ve behaved better. My ire’s institutional not individual, it was inappropriate…
“I lost it when getting a briefing about today’s proposals, where it feels like at every turn, in these desperate times where lives are at risk, it has ignored all asks for consumers and instead kowtowed to the industry (I hope history proves me wrong).
“My breaking point was when hearing how instead of listening to calls to scrap its proposed market stabilization charge, it was making it harsher to really ‘stop the harmful effects of competition’.”
“I have had good meetings with Ofgem for years, so I’m sorry this blew up (they were calm I wasn’t)…” he added.
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“Please accept that was (and this is) an emotional rant, not a considered piece.
“I pray when I do further analysis I have to apologise again as I’ve got it very wrong (if not I worry about dire consequences for consumers – we must do more to make things better for them).”
He later said the industry regulator’s demand for a more frequent price cap would be a “disaster… killing hopes of firms launching cheaper deals”.
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Ofgem revealed it was putting the idea for two more energy reviews a year – in January and July – out to consultation after criticism that the present twice-yearly adjustment arrangement in April and October had contributed to the failure of suppliers last year at the height of the wholesale gas price shock.
Its plans would not kick in until October when the next price cap adjustment is due – but the regulator says it will make the market fairer and more resilient after a tumultuous period for suppliers and their customers.
