The energy watchdog, Ofgem, has come under fire from MPs for exposing consumers to higher bills by failing to crack down on industry costs.
The Commons energy and climate change committee said new price caps for National Grid and other power distribution companies, intended to keep down the costs of distributing and transmitting gas and electricity, were too generous.
Ofgem’s chief executive, Dermot Nolan, warned the committee that it could be eight years before it becomes clear whether the new system is delivering value for money. Yeo said: “This is too long for hard-pressed consumers to wait.”
The committee called for an interim independent audit of price controls, longer notice periods before network companies put up costs and harsher penalties for network companies that fail to reduce energy leakages after being paid to do so.
Ofgem said it was already working to bring in some of the changes called for in the report, including more competition and longer notice periods for changes to charges.
An Ofgem spokesperson said: “Our regulation has delivered value for money. Britain’s energy network is 17% cheaper in real terms than 25 years ago, £80bn of investment has been secured, and reliability has improved by 30%.
“We are in the process of implementing a number of the actions the report highlights, including introducing more competition to networks and looking to increase the notification period of network charges. Additionally, we estimate that our innovation stimulus will see companies realise around £900m of benefits to consumers in the next eight years.”
Full Content: The Guardian
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Andrew Finch, a prominent figure in U.S. antitrust law and former top official at the Justice Department during the first Donald Trump administration, has made the move to Cravath, Swaine & Moore from rival firm Paul, Weiss, Rifkind, Wharton & Garrison. Finch, who most recently co-chaired the antitrust practice at Paul Weiss, is set to join Cravath’s litigation department as a partner in New York.
According to Reuters, Finch’s tenure at the Justice Department, where he served as principal deputy assistant attorney general and acting assistant attorney general in the antitrust division between 2017 and 2019, underscores his expertise in the field. His work in government, alongside his clients at Paul Weiss, including Spirit Airlines, Uber, and Mastercard, makes him a valuable addition to Cravath’s team. At Cravath, Finch will focus on advising clients on antitrust investigations, litigation, and merger reviews, according to the firm’s announcement.
In a statement, Faiza Saeed, Cravath’s presiding partner, highlighted Finch’s credentials, noting that his experience “will be invaluable to our clients as they navigate an increasingly complex regulatory environment.” Saeed’s comments reflect the growing demand for expert guidance in the fast-evolving antitrust landscape.
The news of Finch’s departure from Paul Weiss comes just after the inauguration of President Donald Trump for his second term, a timing that adds another layer of significance to the move. A Paul Weiss spokesperson expressed well wishes to Finch, acknowledging his contributions to the firm.
Cravath’s decision to bring Finch aboard is part of a broader trend where the firm, historically known for promoting from within, has increasingly looked outside for top-tier talent. In recent years, Cravath has recruited several former government officials, including a trio of regulatory experts in 2022 to open a new office in Washington, D.C. This follows the 2022 hire of Noah Phillips, a former commissioner at the U.S. Federal Trade Commission during the Trump administration, who now co-chairs Cravath’s antitrust practice alongside Christine Varney, a former U.S. assistant attorney general for antitrust under the Obama administration.
Source: Reuters
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