Last mentioned: Mar 20, 2026
Wholesale gas prices spike, leading to the collapse of dozens of UK energy suppliers.
The largest supplier failure in UK history requires a multi-billion pound government bailout.
Ofgem announces the price cap will fall by £117 from April 2026.
Brearley confirms he will step down as CEO to allow for new leadership during the Net Zero transition.
Brearley Appointed
Jonathan Brearley takes over as Ofgem CEO just before the COVID-19 lockdowns.
New forecasts indicate a significant £332 annual increase in UK household energy bills starting this July, driven by rising wholesale costs. This spike threatens to reignite inflationary pressures and squeeze disposable income across the country.
The Reform Party has announced a major policy proposal to eliminate the 5% VAT and environmental levies from domestic energy bills. The move aims to provide immediate financial relief to households but raises significant questions regarding the future funding of the UK's net-zero transition.
Ofgem CEO Jonathan Brearley has announced his resignation, marking the end of a high-pressure tenure defined by the global energy crisis and the implementation of the price cap. His departure comes as the regulator confirms a £117 reduction in the annual energy price cap starting in April, signaling a potential shift in regulatory strategy for the UK's energy market.
UK households face a projected 10% increase in energy bills starting July 2026, driven by escalating geopolitical tensions in the Middle East. This reversal of recent price stability highlights the continued vulnerability of the UK energy market to global fossil fuel volatility.
Centrica CEO Chris O'Shea has been awarded a £3.6 million compensation package for the 2025 fiscal year, a significant reduction from the previous year's record payout. The award comes as the British Gas parent company reports a sharp decline in annual profits, reigniting intense scrutiny over executive remuneration within the UK's essential services sector.