The British energy market regulator, Ofgem, will reorganize its structure in April, the office announced on Monday.
The Office of Gas and Electricity Markets' (Ofgem) regulatory functions will be streamlined into three divisions comprising Consumers and Markets, Systems Operation and Networks, and Corporate & Scheme Services, according to the regulator's press release.
Ofgem, a non-ministerial government department, is the regulator for the electricity and downstream natural gas markets in the U.K.
"The Consumers and Markets [division] will look after the interests of consumers in the energy market. Its remit will include both wholesale and retail markets as well as enforcement," the press release said.
System Operation and Networks will focus resources on the next round of network price controls due to start in 2021 and will ensure the maximum benefits for consumers from the rapid changes in the energy system, the press release said.
Corporate & Scheme Services will provide business support services to Ofgem and run environmental schemes for the government, according to the press release.
"This is ahead of the regulator’s move to the new government hub building at South Colonnade in Canary Wharf in London," the press release said.
Ofgem will publish more details on the restructure in March prior to the reorganization in April.
Ofgem, on behalf of the U.K.'s consumers, enforces price controls and acts to help industries achieve environmental targets and improvements.
By Muhsin Baris Tiryakioglu