The Financial Times (FT) reports that Ofgem, Britain’s gas and electricity regulator, has been forced to cut staff in the face of sanctions against Russia due to rising electricity prices.
According to several FT sources close to Ofgem, the forced reorganisation of staff amid rising electricity prices has led to a massive demoralisation and the sacking of several experienced staff. This came at a time when the regulator was under severe pressure due to the collapse of 29 retailers as a result of poor capitalisation, inadequate hedging and rising wholesale gas prices.
“Who would subject employees to major restructuring in the midst of an energy crisis? <…> This is madness,” said an Ogfem employee close to the reorganisation.
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