Read our Privacy noticeOvo has insisted it is “committed” to meeting financial resilience rules set by the industry watchdog after its accounts warned about a “material uncertainty” over its future following its failure to meet the targets. The new rules were brought in by Ofgem after the 2021-22 energy crisis, when dozens of energy firms went bust. But with three firms not meeting the rules and not having been hit with sanctions, rival suppliers have complained there is not a level playing field. The boss of British Gas owner Centrica, Chris O’Shea, called in July for suppliers not meeting the rules to be banned from taking on new customers, and has accused Ofgem of failing to uphold its own rules. Underlying earnings dropped to £42 million from £225 million in 2023, when profits were boosted after Ofgem allowed suppliers to recover costs incurred during the energy crisis.