Dermot Nolan has announced his intention to stay in his post as chief executive of Ofgem until the end of February 2020.

Nolan, who took up the role in March 2014, joined the regulator from the Commission for Energy Regulation in Ireland where he had been a commissioner since 2008 and its chair since May 2011.

Ofgem’s new chairman Martin Cave said: “I am delighted that Dermot has agreed to stay on longer than his original appointment to GEMA, to continue to deliver our work to protect consumers’ interests in the energy market.

“2019 will see us bed in the price cap which will benefit over 11 million consumers, and it is very good news that Dermot is committed to stay on and oversee this and other important reforms to the energy market.”

Nolan has overseen a pivotal time during his tenure as chief executive so-far, with notable events including the incoming energy price cap which was agreed earlier this year.

Speaking on the day the cap was confirmed at £1,137, Nolan said: “The price cap will ensure that whether energy costs rise or fall suppliers are not feathering their nest and changes in energy prices will reflect the underlying costs to heat and light our homes.

“Consumers who want to cut their bills further should shop around for a better energy deal and while the cap is in place, we will continue our work to make this as easy as possible.”

The Department for Business, Energy and Industrial Strategy has also announced that John Crackett will be appointed as a non-executive director for Ofgem.

Cave added: “I am also pleased to welcome John Crackett, who brings a wealth of experience of the energy industry to the board.”