Ofgem replaces boss who stuck around to bring in price caps
The chief executive of Ofgem who extended his contract to help push through a cap on energy prices, designed to save Brits money, will finally step down in February, it was revealed today.
Dermot Nolan, who has been in the post since 2014, will be replaced by the company’s head of systems and networks, Jonathan Brearley.
Glasgow and Cambridge-educated Brearley has for the last year and a half led the team which regulates the prices that distribution networks can charge. He also leads on interconnectors – underwater cables that bring electricity to and from the rest of Europe.
The new chief executive will be tasked to the energy system is fit for eliminating net emissions by the middle of the century.
Nolan “leaves Ofgem in a good position to tackle the challenges facing energy consumers during this time of transition,” said Ofgem chair Martin Cave.
“Jonathan’s many years of experience in the energy industry and of climate change mean that he is also well placed to ensure that Ofgem plays a key role in delivering a net zero economy at the lowest cost to consumers,” said Ofgem chair Martin Cave.
Nolan’s departure will not come as a shock to the industry. Earlier this year he agreed a 12-month extension to his contract so he could see the regulator through the first cap on household energy prices.
“I would also like to take this opportunity to thank Dermot Nolan on behalf of the board for his enormous contribution he has made as our chief executive during the start of this energy revolution. He leaves Ofgem in a good position to tackle the challenges facing energy consumers during this time of transition,” said Cave.