Ofgem publishes first ever three year plan

OFGEM PUBLISHES FIRST EVER THREE YEAR PLAN *Ofgem publishes three year plan for first time, after extensive consultation *Plan highlights five themes to drive its work forward *Four priorities identified for forthcoming year Following extensive consultation with all key audiences, energy regulator Ofgem today (Wednesday) published its first ever three year plan and reaffirmed the five themes which will drive its work during that period. The plan highlights how Ofgem will continue to work to foster competition, replacing traditional regulation with a greater reliance on competition powers to ensure that competition remains effective. It also identifies four priorities for Ofgem within the context of the general themes. Chief Executive, Callum McCarthy, said: "All contributions to the consultation on the draft plan were considered by the Gas and Electricity Markets Authority which governs Ofgem's work. The final plan incorporates changes that have been made in light of these comments and discussions. We have highlighted where the plan has been altered to take account of comments and where, after reflection, we have not accepted comments and why this is the case. "Ofgem is now well-established as an organisation. Our activities continue to bring great benefits to British consumers of gas and electricity.We are building on our past actions to establish long term and sustained benefits." The five themes driving Ofgem's work will be: Ø making markets work effectively Ø regulating monopoly business intelligently Ø securing Britain's gas and electricity supplies Ø meeting Ofgem's social and environmental responsibilities, and Ø developing Ofgem's effectiveness and efficiency. Ø 2/three... The four key priorities for the coming year, 2002-2003, which are set within these themes, are to: Ø bring more competitive prices and greater choice to electricity consumers in Scotland Ø ensuring that competition continues to benefit all gas and electricity customers Ø taking action to help Government meet wider environmental targets at the lowest cost to energy customers, and Ø ensuring that there are right signals and incentives for efficient long term investment in Britain's gas and electricity networks Ofgem also committed to playing a full and constructive part in the debate on the Performance and Innovation Unit's (PIU) energy policy review recommendations and, in particular, in response to the consultation and White Paper signalled by the Government. On the basis of its present work, Ofgem expects its expenditure to reduce over the three years of its plan. If the Government gives the Authority new responsibilities, funding will need to be reviewed. ends Notes to editors 1. Copies of the plan and response to the consultation are available on the Ofgem website at http://www.ofgem.gov.uk/public/pub2002.htm Hard copies of the Plan will be available from the distribution centre from April 23 by telephone: 0116 277 2617 or by email: distribution@ofgem.gov.uk. Please note that documents can only be ordered as hard copies or downloaded from the internet. 2. Ofgem is the Office of the Gas and Electricity Markets, regulating the gas and electricity industries in Great Britain. Its aim is to bring choice and value to all gas and electricity customers by promoting competition and regulating monopolies. Ofgem operates under the direction and governance of the Gas and Electricity Markets Authority which sets all major decisions and policy priorities. Its powers are provided for under the Gas Act 1986, the Electricity Act 1989 and the Utilities Act 2000. It also has powers under the Competition Act 1998. For further press information contact: Richard Hunt on 020 7901 7158 Mark Stockwell on 020 7901 7484 Danny Wilkinson on 020 7901 7022 Out of hours contacts: 0781 8457 969 07769 643 382 07733 314 596 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/04/17/20020417BIT00940/wkr0001.doc http://www.waymaker.net/bitonline/2002/04/17/20020417BIT00940/wkr0002.pdf