Exclusive: Ofgem to be given powers to issue fines and rein in bonuses for executives who ‘reward themselves while customers suffer’

Energy bosses in the UK will have their bonuses curtailed when suppliers and brokers break the rules under a crackdown on mis-selling.

Through the energy independence bill, which will be introduced on Wednesday, Ofgem will be given new powers to order compensation, impose fines and ban rogue operators that have pushed businesses and households into overpriced contracts.

Typical bill will surge by £220 a year from Wednesday, forcing 13.5m homes to spend over 10% of income on fuel

Millions of households in Great Britain will be pushed into fuel poverty after months of volatility on the global gas markets as energy bills rise by more than £220 a year under the government’s price cap from Wednesday.

As the cap on gas and electricity rates rises to the equivalent of £1,862 a year, the number of households forced to spend more than 10% of their income on energy bills will increase to 13.5m from almost 11.3m in April, according to fuel poverty campaigners.

Ofgem licence means firm can replicate Texas setup of powering homes, businesses and EVs

Elon Musk’s Tesla has won approval to supply electricity to households and businesses across Great Britain, as the tech billionaire expands his energy ambitions.

The energy regulator, Ofgem, has formally granted Tesla an electricity supply licence, enabling it to provide electricity to domestic and business premises in England, Scotland and Wales.