By Carlo Martuscelli 
 

The U.K.'s energy regulator has fined Shell Energy Retail Limited 390,000 pounds ($494,616) for overcharging customers after a price cap was introduced.

The Office of Gas and Electricity Markets said Friday that the company will refund around 12,000 customers it overcharged, and pay a GBP200,000 fine to the regulator, for a total of GBP390,000.

Shell Energy Retail also agreed to pay another GBP200,000 into a fund to help vulnerable customers.

Ofgem said it has decided not to take formal enforcement action against the energy company given that Shell Energy has taken steps to improve its service and agreed to pay the penalties.

The gas-and-electricity supplier is a branch of Royal Dutch Shell PLC (RDSB.LN).

 

Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com

 

(END) Dow Jones Newswires

June 14, 2019 02:27 ET (06:27 GMT)

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