The UK government chose Mark McAllister as its favored candidate to lead energy regulator Ofgem, who will be tasked with restoring public confidence in the watchdog that it can help households navigate the cost of living crisis.
(Bloomberg) — The UK government chose Mark McAllister as its favored candidate to lead energy regulator Ofgem, who will be tasked with restoring public confidence in the watchdog that it can help households navigate the cost of living crisis.
McAllister, currently chair of the Office for Nuclear Regulation, was on Wednesday named as the preferred candidate to take the same role at Ofgem, according to a statement from the Department for Energy Security and Net Zero.
The appointment would mark a changing of the guard at Ofgem, which has navigated the worst energy crisis in decades and faced severe criticism for its failure to adequately protect UK bill payers from the collapse of dozens of energy companies, partly caused by soaring wholesale prices. Protections for vulnerable customers have also been thrown into the spotlight through the forced installation of pre-payment meters by some suppliers.
In November, a parliamentary committee estimated that Ofgem’s failure to properly regulate the supplier market cost households an estimated £2.7 billion ($3.19 billion), as the cost of managing millions of customer transfers to new suppliers was added to bills.
McAllister would replace Martin Cave whose five year term is due to expire in October. Chief Executive Officer Jonathan Brearley is also due to step down at the start of 2025.
If the appointment is confirmed, McAllister is expected to take up his post in November. He has extensive experience in the oil industry, according to his LinkedIn profile.
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