Energy regulator Ofgem has launched a consultation into how it can simplify its regulations.

The watchdog will initially look at the domestic retail supply market.

The regulator said: “Ofgem’s Corporate Strategy commits us to explore how best to rely more on principles in the way we regulate the retail energy market.

“For now, we are focused on the domestic retail supply market, where there is lots of prescription and the biggest scope for change.”

Principles and prescriptions

Ofgem added: “We think that relying more on principles will better protect consumers, help future-proof our regulation and place a greater onus on suppliers to understand and deliver what is right and fair for consumers.

“We are committed to striking the right balance between principles and prescriptive rules and welcome views on how best to do this.”

The consultation closes later this spring.

> Read the consultation document