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.
Some of the main points covered during the interview:
- 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.
- 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.
- 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.
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