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OFGEM to update its price cap every three months instead of six

In this interview given to the BBC News, Dr Carole Nakhle, CEO of Crystol Energy, discusses the reasons behind the shorter time revision of OFGEM, the British gas and electricity regulator, and the outlook for energy prices.

Dr Carole Nakhle discusses the reasons behind the shorter time revision of OFGEM, the British gas and electricity regulator, and the outlook for energy prices

Some of the main points covered during the interview:

  1. The revision to timeframes is not only limited to OFGEM. The practice has become more common in the light of existing volatility and uncertainty in energy markets.
  2. On the bright side, the quarterly approach will allow OFGEM to better react to changes in energy prices including a decrease – a scenario which we cannot exclude especially if the fears of a global recession materialise.
  3. High energy prices may well be the answer to the crisis as they encourage greater efficiency and a faster switch to better alternatives. Governments should therefore not rush to offer a non-targeted shield to all customers.

Related Analysis

Sanctions and the Economic Consequences of Higher Oil Prices“, Christof Rühl, Apr 2022

Related Comments

A daunting winter for Europe“, Dr Carole Nakhle, Aug 2022

Europe heads towards cutting its gas consumption by 15%. Will it survive the winter ahead?“, Dr Carole Nakhle, Jul 2022

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