Ofgem expands profit reporting to smaller energy suppliers

The decision, effective from 29th March 29, follows consultations and includes adjustments to licence thresholds.

Ofgem has expanded profit reporting obligations to smaller energy suppliers.

Effective from 29th March 29, these changes aim to enhance transparency in the energy market by modifying the Consolidated Segmental Statement (CSS) reporting conditions.

Following stakeholder consultations, Ofgem has lowered domestic and non-domestic threshold levels, removing the requirement for a generation license.

The domestic threshold levels have been lowered to 50,000 or more meter points in gas or electricity, while for the non-domestic market, the threshold is reduced to ten or more meter points.

Suppliers reaching the threshold in the last month of their financial year will now be obligated to submit a CSS.

Ofgem emphasises the importance of this reporting in providing a top-level view of companies’ energy supply profitability.