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Published 10:50 18 Aug 2022 BST
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BP reported its second highest profit in history in the second quarter of 2022[/caption]
The director's resignation comes as Brits continue to struggle through the cost of living crisis, with inflation at a 40-year, double figure high. Energy costs are set to rise yet again in October, when Ofgem increases the energy price cap for the second time this year. After the rise, the Bank of England believes UK inflation is likely peak at 13 per cent, and energy consultants Auxilione forecast bills to reach £4,467 by January.
Meanwhile, companies like British Gas and BP have been declaring historic profits in recent weeks and months.
[caption id="attachment_354557" align="alignnone" width="2048"]
Ofgem regulates the electricity and gas markets in Great Britain (Image: Getty)[/caption]
An Ofgem spokesperson said: “We are thankful to Christine for her many years of devoted service to Ofgem.
“Due to this unprecedented energy crisis, Ofgem is having to make some incredibly difficult decisions where carefully balanced trade-offs are being weighed up all the time. But we always prioritise consumers’ needs both in the immediate and long term.
“The rest of the board decided a shorter recovery period for energy costs was in the best interest of consumers in the long term by reducing the very real risk of suppliers going bust, which would heap yet more costs on to bills and add unnecessary worry and concern at an already very difficult time.”
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