November 21, 2018 / 9:32 AM / 6 months ago

UK energy watchdog Ofgem proposes tests for new suppliers

LONDON (Reuters) - Britain’s energy regulator Ofgem has proposed financial and customer service tests for new suppliers after several smaller energy providers went bankrupt over the last year, it said on Wednesday.

Ofgem said the tests should ensure new entrants are robust while encouraging competition in the market.

“Companies would have to demonstrate they have adequate financial resources and can meet their customer service obligations before Ofgem awards them a licence to supply energy,” the regulator said in a statement.

It said the tests should be in place by spring 2019.

Reporting by Sabina Zawadzki; Editing by Jan Harvey

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