The boss of British Gas owner Centrica has called for a rival to be banned from taking on new customers – and dubbed the energy watchdog ‘criminal’ for failing to uphold its own rules.
Chief executive Chris O’Shea claims Ofgem has not acted against three firms understood to have failed to meet financial resilience targets, which he says poses a risk of firms going bust.
Ofgem has not said who failed the test.
However, Octopus, which supplies more than 7m households, confirmed it did not meet the targets for capital adequacy but had agreed a plan with Ofgem to reach the target, which meant it was not in breach of the rules.
Ofgem confirmed that firms which have agreed a plan to meet resilience targets are not breaching its rules and therefore do not need to suffer sanctions.
Complaints: Centrica chief exec Chris O’Shea (pictured) claims Ofgem has not acted against three firms understood to have failed to meet financial resilience targets
An Octopus Energy spokesperson said: ‘This is yet more naked self-interest from British Gas. They would do well to obsess about their customers rather than their rivals.
‘We agree that there should be a level playing field. Incumbents bent the rules so that they can simply write themselves a guarantee. Despite that, we fully comply with Ofgem’s rules and our resilience meant we not only thrived through the energy crisis but bailed out Bulb – saving British billpayers billions.
‘Thousands of British Gas customers join us every month because we’re simply better – we’ve invested relentlessly in technology to deliver better service, value and innovation. Having created 10,000 jobs, attracted billions in investment and exported around the world, we are exactly the sort of company Britain needs.
‘Whilst entitled incumbents try to smother competition, we relish it – and customers and the economy benefit.’
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This article was originally published by a www.dailymail.co.uk . Read the Original article here. .