Martin Lewis has issued an apology for "losing his rag" with Ofgem.
The Money Saving Expert lost his temper with the energy regulator as it published a consultation to introduce new proposals. The UK has been hit with a cost of living crisis as energy customers are still reeling from the 54% price cap increase in April.
Ofgem's proposals include plans to update the price cap four times a year to react to the volatile market - and Martin blasted the energy regulator for repeatedly ignoring the needs of consumers. However, he later took to Twitter to apologise to the individual staff for his actions during a background briefing.
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He said: "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...
"I lost it when getting a briefing about today's proposals, where it feels like at every turn, in these desperate times where lives are at risk, it has ignored all asks for consumers and instead kowtowed to the industry (I hope history proves me wrong)... My breaking point was when hearing how instead of listening to calls to scrap its proposed market stabilization charge, it was making it harsher to really 'stop the harmful effects of competition' Ie staggeringly its aim's 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)... Please accept that was (and this is) an emotional rant, not a considered piece. 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)."
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