The government has confirmed incoming Ofgem chair, Martin Cave, will take up his new position on 1 October.
Cave has already joined the regulator as a non-executive director until he takes over as chair from David Gray who is retiring following his five-year term at Ofgem.
Business secretary Greg Clark described Cave as having an “impressive track record”.
He said: “We are determined to see active regulators who put consumers’ interest at the heart of their work, the appointment of professor Cave to lead Ofgem will ensure that.
“Professor Cave has an impressive track record and is well respected for his work regulating the utility markets. I have no doubt he will use his wealth of expertise to protect consumers whilst we continue to build and upgrade our energy system to make it fit for the future.”
Cave was named as the preferred candidate to take over as chair of Ofgem in June and received backing from MPs at a pre-appointment hearing on 3 July.
His appointment was endorsed by the Business, Energy and Industrial (BEIS) select committee.
Price cap champion, Cave, was a deputy chair of the Competition Commission from 2012 before the watchdog was wound up in 2014.
He has undertaken several roles in government including as economic adviser to Ofcom between 2003 and 2006.
BEIS said in a statement: “He has been appointed to lead several high profile reviews within government, which is testament to his credibility in the sector.”
Cave also served as deputy chair on the panel which undertook the energy market review for the Competition and Markets Authority (CMA).
In his minority report for the review, Cave concluded the CMA’s proposed remedies “did not go far enough” and called for further, more drastic interventions, notably a two-year cap on suppliers’ standard variable tariffs (SVTs).
He estimated that because of the high level of SVTs domestic energy customers were collectively out of pocket by £2 billion, equating to an average of £75 for each household.
Cave’s estimate was more than the consumer detriment figure of £1.4 billion agreed by the rest of the CMA panel.
The government ultimately accepted Cave’s recommendation for a cap on SVTs and the price cap, which was approved this summer is due to come into effect in December.
Ofgem proposes the cap to be set at £1,136 per year for a typical dual fuel customer paying by direct debit.
In June, the regulator also announced the appointment of Ann Robinson and Lynne Embleton as non-executive directors of Ofgem’s governing body, the Gas and Electricity Markets Authority (GEMA).
Meanwhile Mary Starks was revealed as the new executive director of Ofgem’s consumer and markets directorate.
She is expected to take the reins this month from Rob Salter-Church, who has held the position on an interim basis since Rachel Fletcher stepped down as the senior partner for consumers and competition to become the chief executive of Ofwat in January.
Salter-Church will move to a permanent role as the director for retail systems transformation.