Why energy companies may need greater regulation in the face of the energy crisis
Our columnist discusses the oversized pay packets of some of the executives at an energy company that went bust due to the energy crisis.
In this week's Gossage Gossip, our columnist discusses the oversized pay packets of some of the executives at an energy company that went bust due to the energy crisis, while thousands of their customers were forced to suffer.
It seems that the six most senior executives at Avro Energy were each taking home £250,000 per month before the failed supplier went bust. They were just one of 30 such companies licensed by Ofgem to do so. Despite this, its ex-chief executive admits he was still carrying out other lucrative jobs, even whilst (theoretically) running the electricity supplying company.
After hearing this admission from Jake Brown at an evidence session of the House of Commons’ Business Select Committee, its chair Darren Jones laconically observed, "I am afraid you pretty much personify the reason why we need to change the regulation of energy companies."
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