2021 has been a chastening year for Great Britain’s retail energy sector. Since August, 26 energy suppliers have failed. This could cost over £3bn, which would raise household energy bills by £120 per household. This report sets out a two-stage strategy for moving beyond the current energy crisis.

In the immediate term, the regulator Ofgem must ensure that the remaining energy suppliers are financially robust. To do this, Ofgem should introduce bank-style “stress tests” for energy suppliers.

Then, the Government should reassess its plans for the future of energy retail, which should aim to reduce bills and cut emissions. To do this, the Government should focus on “smart electricity tariffs”, which offer customers cheaper electricity during off-peak periods.