Ofgem, the UK energy regulator, has confirmed that Jonathan Brearley will continue in his role as chief executive for an additional five years, extending his tenure until January 31, 2030. The decision was announced by the board, led by Ofgem's chair, Mark McAllister, who praised Brearley's leadership in navigating a period marked by significant challenges.
In a statement, McAllister highlighted Brearley's leadership during “unprecedented challenges,” including the aftermath of COVID-19, market instability, and the energy price surge triggered by Russia's invasion of Ukraine. McAllister noted that Brearley and his team had not only responded effectively to these crises but had also laid the groundwork for the UK's transition to a low-carbon energy system.
“Jonathan has led Ofgem through unprecedented challenges over the past five years: the fallout from COVID-19, energy market turbulence, and the price shock following Putin's invasion of Ukraine,” McAllister said. “He and his senior team have shown great dedication in stepping up to meet these challenges, whilst establishing the foundations required to create a clean power electricity system to get us to net zero by 2050.
Brearley expressed his commitment to leading Ofgem through the next phase of the UK's energy transformation, including the government's goal of a clean electricity grid by 2030. “It has been a privilege to lead Ofgem over the last five years, and I'm excited by the challenge of the next five,” Brearley said. “Ofgem plays a pivotal role in delivering a low carbon future for the country and I am both committed and motivated to lead us through this.
Brearley also pointed to Ofgem's role in stabilizing the energy supplier market and improving financial oversight in the sector, all while strengthening consumer protections. He emphasized the importance of continued collaboration to meet the ambitious targets for a clean energy future.
“As the energy landscape evolves, we need to consider what our role as the regulator looks like in both the near and distant future,” Brearley added.
The government also extended the terms of two non-executive directors on the Gas and Electricity Markets Authority (GEMA): Myriam Madden's term will run until March 31, 2025, and Barry Panayi's until March 16, 2027. Additionally, Brearley will continue as Ofgem's accounting officer during his extended term.
