Most people think Ofgem exists to protect consumers and keep energy prices down.
That’s what it was created for back in 1999, when the government merged Offer and Ofgas to form a single regulator for the newly-privatised energy market.
But look at Ofgem’s track record over the last few years, and you have to ask:
Who are they really protecting?
Who Actually Runs Ofgem?
Ofgem is governed by the Gas and Electricity Markets Authority (GEMA) — a board that makes all decisions about the price cap, enforcement, supplier behaviour, and market rules.
- Chair: Marcus Bokkerink
- Interim CEO: Tim Jarvis
A factual note about leadership
GEMA is chaired by Marcus Bokkerink, appointed in 2022 following a long career in strategic consultancy. His responsibility is to oversee Ofgem’s governance and ensure it fulfils its statutory duty to protect consumers. Despite this remit, the period since his appointment — like the years before it — has seen multiple price cap increases and only limited reductions. This raises understandable questions about whether the regulatory framework itself is delivering the consumer protection Parliament intended.
Their legal duty is simple:
“Protect the interests of existing and future gas and electricity consumers.”
On paper, that sounds reassuring.
In reality, the outcomes tell a different story.
The Price Cap Myth
The price cap was introduced in 2019 to stop customers being overcharged.
Instead, it has become a tool that:
- Limits increases rather than preventing them
- Rarely delivers reductions
- Adjusts slowly when prices fall but rapidly when they rise
And here’s the uncomfortable truth…
How Many Times Has Ofgem Actually Reduced Prices in the Last 5 Years?
Between 2020 and 2025, Ofgem has made around 20 price cap decisions.
Out of those:
🔻 Only 4 resulted in actual reductions:
- Twice in 2020 (pandemic market collapse)
- Once in 2023
- Once in 2024
🔺 Meanwhile, there were 10 major increases.
So when you strip away the press releases, the promises, and the jargon:
Ofgem has increased your bills more often than it has reduced them.
Is Ofgem Really Protecting Consumers?
Based on the data: No.
It feels more like Ofgem is there to:
- Manage supplier risk
- Smooth out market shocks
- Sign off price rises
- Shift blame onto “wholesale markets”
- Provide the appearance of protection without the reality
Meanwhile, ordinary households are still paying crisis-level prices long after the crisis ended.
Where Does This Leave Consumers?
Consumers are told the price cap is there to safeguard them.
But in practice, it seems to:
- Protect supplier margins
- Delay meaningful price drops
- Rubber-stamp increases
- Offer little genuine relief to struggling households
This is exactly why people are turning to independent help and advice — because the systems meant to protect them simply don’t.
If you’re facing unfair energy charges, inflated “estimates,” or supplier stonewalling, I offer a free initial case review through Golden Shield Consumer Services. No obligation — just honest, practical guidance.
👉 www.goldenshieldservices.co.uk
enquiries@goldenshieldservices.co.uk
