Martin Lewis apologises after telling Ofgem staff energy price cap changes are a 'f***ing disgrace'
Mr Lewis accused Ofgem of kowtowing to the energy industry at the expense of consumers
Money saving guru Martin Lewis has tweeted an apology to staff of the energy regulator Ofgem, after he swore at them in a meeting.
Mr Lewis tweeted: "I'd like to formally apologise to the @ofgem staff for losing my rag in a background briefing just now and saying its changes are a 'f***ing disgrace that sells consumers down the river'. I should've behaved better. My ire's institutional not individual, its was inappropriate..."
The consumer advice expert, who has 1.5 million followers on Twitter, compiled an "emotional rant", in which the details of the meeting were revealed.
Mr Lewis accused Ofgem of having "kowtowed to the industry" instead of including the interests of consumers, following an announcement that the energy price cap may change every three months rather than every six.
Mr Lewis continued: "My breaking point was when hearing how instead of listening to calls to scrap its proposed market stabilisation charge, it was making it harsher to really 'stop the harmful effects of competition' Ie staggeringly its aim's to effectively STOP firms undercutting the price cap..."
"Its logic was this'd prevent other firms needing to 'exit the market'. For years I've been pushing it for better controls in who they allow to set up energy firms. Yet now its way to stop it to lock in advantage to higher charging incumbent former monopoly firms..."
Mr Lewis explicitly referenced Ofgem's possible price cap change, saying: "Combine that with meeting industry's demand for a new more frequent 'every 3mth' price cap change – Carefully calibrated for the first 3mths to include SIX months of wholesale prices (so the price factors in the highest wholesale rates in history) so firms don't miss out..."
Ofgem staff on the call were asked by Mr Lewis to "consider cutting standard charges".
Lamenting his outburst, Mr Lewis finished the thread by conceding that he has "had good meetings with Ofgem for years" and was sorry he "blew up".
He said: "Please accept that was (and this is) an emotional rant, not a considered piece. I pray when I do further analysis I have to apologise again as I've got it very wrong (if not I worry about dire consequences for consumers - we must do more to make things better for them)."