The energy regulator Ofgem has proposed reforms to the UK’s energy market to reduce our reliance on energy imports from other countries. The lack of gas and oil security in the country is one of the main reasons the UK suffers such high domestic energy prices.
This October energy prices for British consumers are expected to rise to an average of £3,244 per year as Ofgem is going to be setting a new energy price cap. The UK government is already looking for ways to improve energy security and increase low carbon infrastructure. However, this could be causing higher energy prices across the country.
Therefore, Ofgem is introducing new reforms that they hope will have the potential to remove reliance on gas imports but also keep the costs low. The potential reforms include possibly splitting the wholesale electricity market. This would mean suppliers would use pricing signals to set prices for an individual region or local area.
Another reform they would like to introduce is strategic planning for the energy system to introduce a national operator that could also be modeled for a local operator.
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