The office of Gas and Electricity Markets, generally referred to by the acronym Ofgem, is the government regulator for the electricity and gas markets in the UK. As an independent energy regulator, Ofgem’s role is to protect energy consumers, in both commercial and domestic capacities.
Ofgem has the ability to enact price controls, or regulations in support of its core objective of protecting the interests of existing and future gas and electricity consumers. This includes promoting value for money, sustainability and security of supply.
Ofgem are also responsible for supervising developing markets, monitoring levels of competition within the industry, and implementing regulation geared towards delivering government legislation and schemes. Their commitment to energy customers of the future is reflected by a commitment to making environmental improvements, in line with government climate and carbon goals.