The Ovo has insisted that the industry is “committed” to meet the financial flexibility rules set by the Watchdog, its accounts warned of a “physical uncertainty” on their future, which warned of a “physical uncertainty” on its future after failure to meet the goals.
Group – One of the largest suppliers of Britain with approximately four million customers – to ensure financial strength among suppliers decreased by GEM’s new regulatory goals, which came into force in early April.
Britain’s largest domestic energy provider, octopus, is also not meeting the target, one and yet as an anonymous company.
OVO Chief Financial Officer James Davis said that in the firm’s accounts it was “committed to improving its capital status and working together Togem To give a capitalization plan to meet the minimum capital requirement ”.
But the company stated that “some elements out of the control of the group were uncertainty around the implementation of a capitalization scheme”.
This means that “material is uncertainty that can create significant doubts about the group and the company’s ability to continue the ability”, according to the accounts.
The new rules were brought by OFGEM after 2021–22 energy crisis, when dozens of energy firms were busted.
Suppliers have been set to a so-called capital buffer target of £ 115 adjusted £ 115 according to the double-indicated customer, to ensure that they are sufficient to face future shocks.
But the three firms did not meet the rules and were not killed with restrictions, rival suppliers have complained that there is not a level sports ground.
British gas owner owner CentralChris O’she called suppliers in July for not banning them from taking new customers, and accused of failing to maintain their rules.
The OFGEM confirmed that flexibility firms agreed to meet the flexibility targets are not violating its rules and therefore there is no need to ban them, such as banning new customers have been banned.
A spokesperson of the OVO said: “Ovo is a fully funded unit supported by shareholders and is accompanied by the features running from the choice of shell.
“Capital adequate requirements are new and all suppliers are working with them for the first time.
“This year is not a reflection on serving our customers or our capacity on performance and we will continue to focus on bringing innovation and long -term investment in the field.”
The annual accounts of the group showed the previous-tax loss of £ 167 million in 2024 with a profit of £ 1.1 billion in 2024 with a profit of £ 1.1 billion in 2024.
On a legal basis, it reported a loss of £ 135 million from a profit of £ 817 million.
In 2023 decreased from £ 225 million to £ 42 million, when profits were increased after increasing the profit, allowing suppliers to correct costs during the energy crisis.
It showed the firm the energy customer number in four million last year.
A spokesperson of the OFGEM said: “Where a supplier is not meeting the capital goal, but there is a reliable and agreed plan, they remain in compliance with our rules.
“We hope that the suppliers will distribute on the agreed plans and follow any restriction we impose and continue to monitor this closely.”