what does Ofgem actually do?

Bobbisox | 11:17 Sat 15th Oct 2011 | ChatterBank

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Why are these 'Quangos' in place, I sound annoyed but I'm not ;o)
I am very curious that's all...
So the Utility company's are now making £125 per year profit from every household as opposed to £15 per year in June, a massive increase of £110?
I thought Ofgem was in place to monitor such things?
any explanation?