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Ofgem

Treasury written question – answered on 18th July 2013.

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Photo of Charlie Elphicke Charlie Elphicke Conservative, Dover

To ask the Chancellor of the Exchequer if he will estimate the full cost to the Exchequer of abolishing Ofgem and replacing it with a new regulator in the fiscal year 2015-16.

Photo of Sajid Javid Sajid Javid The Economic Secretary to the Treasury

Ofgem fulfils a number of statutory duties to enforce competition law and to protect consumers. Any replacement body would need to take on these functions. In addition a change to a new regulator would be likely to incur transitional costs associated with any staffing changes, establishment of a new organisation, premises and so forth. These costs would be above the ongoing running costs inherited from Ofgem.

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