Ofgem director Christine Farnish quits in protest over energy price cap | Business

An Ofgem executive has quit in protest at his decision to add hundreds of pounds to household bills this winter by changing the way it calculates the energy price cap.

Christine Farnish said she had resigned because she did not believe the regulator had “balanced the interests of consumers and the interests of suppliers”.

Her resignation is another blow to the embattled regulator, who MPs have already accused of inflating bills by being “negligent” and “incompetent” in regulating energy suppliers.

Read:Latest Cost of Living: BOE Suggests UK Is Already in Recession | UK news

Ofgem announced earlier this month that it would change the cap methodology to allow suppliers to recoup wholesale energy hedging costs more quickly. The regulator insisted the change was necessary to prevent more suppliers from leaving

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