Office of Gas and Electricity Markets
The Office of Gas and Electricity Markets (Ofgem) is the independent economic regulator for the nation's gas and electricity markets. We are committed to providing customers with more choice and better value for money in buying energy through the promotion of competition and effective regulation of network monopolies within Europe's most liberalised energy markets. We have recently assumed expanded powers under both the Utilities Act and the Competition Act to help us perform our statutory duties.
We want to introduce competition wherever feasible, for example, in the supply of gas and electricity to customers. We believe that over time effective competition will best serve the interests of consumers through promoting value, choice and innovation. We promote effective competition by identifying and removing barriers to entry and monitoring incumbent firms' behaviour to ensure that they do not act anti-competitively and taking action where market abuse is identified.
Where competition is not possible, in natural monopoly activities such as the operation of the transmission and distribution networks, e.g. The National Grid Company in electricity, we seek to encourage efficiency and value for money through incentive-based regulation. We are trying to build on the success of this approach whilst acknowledging some of the problems associated with early price controls by developing better incentives through our information and incentives work.
What do our economists do?
There are 25 economists working within Ofgem, 10 of which are assistant economists, all involved on projects similar to those outlined above.
Each of these challenging positions offer a unique opportunity to work at the very heart of a leading-edge organisation on issues that have a real impact on people's everyday lives.
With the ongoing reform of wholesale electricity and gas trading arrangements, and the introduction of the Competition Act, as an economist you will tackle difficult issues of market design, monitoring and structural reform in wholesale and retail energy markets with annual turnover in excess of £23 billion.
From the outset assistant economist are given real responsibility in producing analysis, meeting industry representatives and presenting conclusions to senior staff. They are expected to work as effective team members and will receive training to develop their analytical and communication skills.
We offer a current starting salary for assistant economists of £31,000 (£33,500 with a relevant Masters degree) and operate a flexitime scheme. We offer excellent career opportunities and have a proven track record of rapid promotion for assistant economists who excell.
More information
For more details about becoming an Ofgem economist please contact Julie Rothwell on 020 7901 7206 or email julie.rothwell@ofgem.gov.uk
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