Management and Allocation of voluntary redress payments made by energy companies

Description

Following a consultation, Ofgem decided to procure a third party expert with experience in allocating funds to charitable organisations.The Service Provider will be responsible for:Financial management of voluntary redress monies paid by energy companies, including receiving the funding from energy companies and awarding grants to charitable recipients;Identifying potential charitable recipients, to be allocated redress funding whose projects would achieve our objectives;Using knowledge of the British energy sector and the needs of energy consumers (including those of vulnerable consumers and those of future consumers) to make decisions on funding;Monitoring the projects and evaluating the use of the funds and taking action to ensure that the projects are delivering real benefits to consumers; andProviding regular reports on the performance against the objectives.

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