Martin Lewis has publicly apologised after calling Ofgem changes a "f*****g disgrace". The finance expert posted the apology in a Twitter thread after the energy regulator announced new proposals in a background briefing.
Martin wrote: "I'd like to formally apologise to the [Ofgem] staff for losing my rag in a background briefing just now and saying its changes are a 'f*****g disgrace that sells consumers down the river'. I should've behaved better. My ire's institutional not individual, its was inappropriate..."
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He continued to say he lost it during the briefing after he felt the regulator was bypassing the needs of its customers during the energy crisis. His breaking point came when he learnt its proposed market stabilisation charge was unlikely to be scrapped.
He wrote: "My breaking point was when hearing how instead of listening to calls to scrap its proposed market stabilisation charge, it was making it harsher to really 'stop the harmful effects of competition' Ie staggeringly its aim's [sic] to effectively STOP firms undercutting the price cap.
"Its logic was this'd prevent other firms needing to 'exit the market'. For years I've been pushing it for better controls in who they allow to set up energy firms. Yet now its way to stop it to lock in advantage to higher charging incumbent former monopoly firms.
"Combine that with meeting industry's demand for a new more frequent 'every 3mth' price cap change - Carefully calibrated for the first 3mths to include SIX months of wholesale prices (so the price factors in the highest wholesale rates in history) so firms don't miss out.
"I finished the call by asking it to at least consider cutting standard charges, which huge rates stop people really saving by cutting energy use. I have had good meetings with Ofgem for years, so I'm sorry this blew up (they were calm I wasn't)."
Martin finished his passionate twitter thread by asking people to accept his words came part of an emotional rant, rather than a "considered piece". He added: "I pray when I do further analysis I have to apologise again as I've got it very wrong (if not I worry about dire consequences for consumers - we must do more to make things better for them)." You can get more money stories by signing up to our WalesOnline newsletter here
