OfGEM - a case for a clean sweep, bag and baggage, Chairman and Directors....

Centrica announced profits today of £1.95Bn up 40% from £1.39 Bn. on revenues slightly down to £16.3Bn. With a rise in the divvy up from 11.5 p to 13p produces a yield of 4.4% which can hardly be considered extortion or usury.

The British Gas Residential part of the business , which supplies gas and electricity to households, made an operating profit of £571m last year, up from £95m in 2006, with £533m of the earnings coming in the first half. By the end of the year the division was making a loss, but last month’s price increaseshould restore profitability.


Ofgem begins energy market probe (BBC )

Faced with this apparent excessive increase in profits the comatose energy regulator, Ofgem, has immediately launched an investigation into the electricity and gas markets for households and small businesses.

The Energy Retail Association, argues that Britain has "the most competitive energy market in Europe". Gypsy Petulengro tells us this is / will be a complete waste of time, energy, effortand money. If OfGEM don't understand by now how the energy market works it is not doing it's job, it needs no enquiry it needs to get off its corporate fat arse and actually chase the energy companies around ... which we have said before...

Wednesday, February 06, 2008 There is something very badly wrong at OfGEM... The UK consumer is being suckered and they stand by and do nothing but bleat.

We will leave you with an interesting observation on the languid Sir John Mogg (65 this year) the 3 day a week (100K a year) Chairman of OfGEM since may 2003 who spends much of his time in his beautiful £2Mn. gracious Edwardian detached house overlooking magnificent East Park in sunny Brighton - although he supports Aston Villa from the town of his birth.

Sir John was Director General of the Internal Market and Services Directorate General (DG MARKT) is one of 37 Directorates General and specialised services which make up the European Commission. Its main role is to said to be to coordinate the Commission’s policy on the European Single Market, which aims to ensure the free movement of people, goods, services and capital within the Union.European Commission Director of Internal Markets .

For running this Sir John collected £150,000 per annum , plus all sorts of perks. Come the enlargement of the EC and the re-shuffling of jobs and sharing out the spoils with a mixed crew of Estonians and eastern riff-raff Sir John had to be moved on, but he decided to take the "Article 50"option , a little known but very benficial exercise in EC pork barreling when he left in 2003.

He retired, and receives the same inflation proofed salary / perks etc., for 5 years or until retirement age whichever is longer. He is also Chairman of the European Regulators Group for Electricity and Gas (ERGEG), in December 2005. He is also the President of the Council of European Energy Regulators (CEER). .. which no doubt helps to keep the dosh rolling in.

One doesn't imagine he and the delightful Lady Mogg have much concern about settling the gas bills, nor their friends the Charles Powell's or the Christopher Meyer's. The mandarin should be sacked forthwith - he has plenty to live on and there are plenty more people who could actually DO something.