This year’s annual report logs what promises to be seen as a pivotal year in Ofgem’s history. Our work in the year was, as ever, focussed on the needs of consumers. That has never been more important given the difficulties created by increasing energy prices particularly for people on for low-incomes. But over the past 12 months we have opened up the focus to look ahead and prepare for the growing challenges from the environmental, social and other demands that make up sustainable development.
So while we have stepped up our engagement with customers and tightened our scrutiny of the markets, we have also looked at the future for our networks and the outlook for the markets decades from now. We have started to examine the fundamentals that govern the regulatory regime and the codes at the centre of the electricity and gas industries’ operations. During the year we have looked to transform Ofgem to meet its future challenges while holding onto the best of the past.