LONDON, July 8 Reuters British energy regulator Ofgem is proposing reforms to wholesale electricity markets to reduce Britain39;s reliance on gas imports and accelerate the transition to lowcarbon energy supply, it said on Friday.

Last year, the government set out plans to increase offshore wind capacity to 50 gigawatts GW by 2030 and increase solar power.

However, existing market and regulatory frameworks are not geared up to running a system with much more renewable energy in a costefficient way, Ofgem said in a statement.

The regulator has therefore set out some reforms which it said could help deliver 10 billion pounds 12 billion a year of savings to customers by 2050.

Spiralling wholesale gas prices due to reduced supply have been exacerbated by the war in Ukraine this year and are crippling industry and households, with many power suppliers going bust.

High gas prices have had a knockon effect on power prices, creating huge retail bills for consumers which are expected to keep rising.

Analysts at Cornwall Insights forecast a government price cap on energy prices will rise by more than 60 in October to an average of 3,244.54 pounds a year largely due to soaring gas prices.

The potential reforms include splitting the wholesale electricity market to reduce the potential for the gas market to set prices in the power market.

Using pricing signals could include moving from setting wholesale electricity prices at a national level to either a regional or local…