The consumer champion Martin Lewis has apologised for swearing at Great Britain’s energy regulator after it announced changes to its price cap on bills.
Ofgem has confirmed it is planning to update the energy price cap four times a year from October to allow it and consumers to adjust more quickly to volatile markets.
The regulator on Monday published a consultation on proposals to introduce new reviews of the price cap in January and July, adding to existing changes in April and October.
Lewis, the founder of the consumer advice site MoneySavingExpert, apologised after swearing on a press call with the regulator regarding its approach. He accused Ofgem of selling consumers “down the river” and wants it to do more to tackle the energy crisis.
Lewis said had had “good meetings” with Ofgem and apologised again for the “emotional rant”.
The scale of the price rise – and the collapse since September 2021 of 29 British energy suppliers that failed to hedge appropriately against rising wholesale energy costs – has prompted scrutiny of Ofgem’s role, and the ways it could help consumers further.
Jonathan Brearley, Ofgem’s chief executive, said: “Today’s proposed change would mean the price cap is more reflective of current market prices and any price falls would be delivered more quickly to consumers.
“It would also help energy suppliers better predict how much energy they need to purchase for their customers, reducing the risk of further supplier failures, which ultimately pushes up costs for consumers.
“The last year has shown that we need to make changes to the price cap so that suppliers are better able to manage risks in these unprecedented market conditions.”