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Ofgem is set to consult on a successor to its controversial measure of energy companies’ profitability, the Supply Market Indicator (SMI).
The energy regulator told Utility Week it would consult on the reform of the SMI following the conclusion of the CMA’s energy market investigation, with a view to launching a new measure.
The SMI was a monthly report that predicted the level of customers’ bills and forecasted profit margins of energy companies over the forthcoming 12 months. Ofgem stopped publishing the controversial forecasts in May 2015 following criticism from the industry, including the big six suppliers and Energy UK, which labelled it “statistically biased and inaccurate.”
The CMA is due to make its final report by June.
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