Ofgem
Proper noun
Meaning
Ofgem
(Britain) Abbreviation of Office of Gas and Electricity Markets.
Examples
Energy regulator Ofgem has said that the Big Six energy firms will undergo a competition investigation to find out “once and for all” whether rising prices are due to lack of effective competition in the energy market.
Ofgem, the FCA, Ofcom and the accountancy watchdog: the race to bare teeth has become of paramount importance for a clutch of regulators often accused of being captured by those they supervise.
A spokesperson for Ofgem said: “We cannot comment on the allegation as it is a matter for UKPN.
Ofgem adjusts the level of the cap twice a yearbased on a pre-defined methodology set by the Competition and Markets Authority to reflect the estimated underlying costs of supplying energy.