The NAO found that the vast majority of costs resulting from supplier failures was to make up the difference between what suppliers of last resort (SOLRs) could charge consumers under the cap and the cost of purchasing energy on the wholesale market.45 To address this lack of adaptability, in May 2022 Ofgem set out its preferred position to introduce quarterly, rather than six-monthly changes to the cap. It explained that this will allow suppliers to adjust their prices more frequently to reflect prices in the wholesale market. Ofgem noted that some customers really welcome more frequent changes in the price cap, but others really do not like it. In the longer term, Ofgem told us it may need to continue to adapt the price cap to the changing market and that it may also need to reconsider how it is structured in light of net zero.46 In August 2022, Ofgem announced that it would update the energy price cap every quarter rather than every six months, noting that the change would help provide the stability needed in the energy market and reduce the risk of further large-scale supplier failures.47 Vulnerable customers