We want liquid and transparent markets, as well as healthy competition, so that consumers and all players in the market know they are getting a fair deal. We've already taken more action than anyone to improve the market, committing to auction all of our power on the day-ahead market and offering bespoke deals for smaller players in the market, which Ofgem has acknowledged in its proposals.
We therefore support the aims behind Ofgem's announcement today, but it's important to get this right, particularly at a time when the electricity market is undergoing a series of fundamental and complex reforms. We look forward to working constructively with Ofgem to help achieve the desired outcome - a market that works best for everyone.
However, any reforms need to be fully aligned with proposed European financial regulations.