Ofgem, the UK energy markets regulator, has appointed Irishman Dermot Nolan as chief executive.

Mr Nolan will replace Andrew Wright when he takes up the position in March.

"Dermot Nolan joins us at a challenging time for the energy industry, and for our work in regulating the sector to protect the interests of consumers, present and future," Ofgem chairman David Gray said.

Minister for Communications, Energy and Natural Resources Pat Rabbitte paid tribute to Mr Nolan's contribution to the implementation of Irish energy policy as a member and more recently chairman of the Commission of Energy Regulation.

“While we will miss Dermot’s substantial input on the domestic energy front, it is good news that he will continue to make an important contribution to Europe’s increasingly integrated energy policy in his new role,” he said.

Mr Nolan trained as an economist, having completed his Masters and Doctorate degrees at Yale University. He previously worked for the Irish Competition Authority, and has been head of the Commission for Energy Regulation since May 2011.