How will current reforms affect the retail energy market over the coming years?
Correspondence and other
- Publication date
- Industry sector
- Supply and Retail Market
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Ofgem’s Strategic Narrative outlines our vision for the strategic medium-term objectives and priorities to help carry out our principal duty to protect the interests of existing and future consumers in a rapidly changing energy sector. This covers the period until 2023 and, in line with this, there are a number of reforms in train.
The aim of this paper is to paint a picture of how a range of relevant Ofgem and Government reforms will, taken together, improve the environment for innovation and competition in the retail energy market by 2024.
This includes setting out how planned changes to the regulatory framework and industry systems will improve the conditions for an innovative, flexible market to flourish, through:
- More accurate price signals giving industry a greater incentive to develop products and services that enable consumers to shift their consumption
- Greater access to data supporting targeted, value-adding services
- Modernised industry codes.