British Gas fined £1m by Ofgem - 04/07/2011
Customers might be persuaded to switch energy providers after hearing that one supplier has been fined £1 million by Ofgem.
The industry watchdog has handed British Gas the levy after finding the energy supplier had not provided accurate information about the amount of electricity provided under the government's renewables obligation.
This piece of regulation requires energy suppliers to produce evidence for the proportion of green energy they generate compared to their total energy supplies.
David Pimm, Ofgem's group finance director, commented: "Ofgem's decision today, and our decision to impose an £8 million penalty on National Grid Gas earlier this year, sends a clear message to all energy companies that accurate reporting is essential across the energy sector."
He added that British Gas' fine would be far higher if the company had not co-operated with the regulator's investigation.
Meanwhile, there is growing speculation that British Gas will be announcing a price hike in the coming weeks.
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