Even more energy suppliers are short of capital. Ofgem needs to toughen up

With almost one in five firms breaching targets, the watchdog’s new get-tough approach on capital levels seems to be anything but

When half the nation’s retail energy suppliers, including Bulb with 1.7 million customers, failed during the gas crisis of 2021-22, the embarrassed regulator, Ofgem, decided it should probably pay more attention to companies’ balance sheets. Better late than never.

The cost of mopping up the corporate calamities added up to £2.7bn, or £94 on every household’s energy bill, calculated the National Audit Office.