However, the report said investment in energy generation and renewables will be needed over the coming years or price rises could be higher.
Ofgem chief executive Alistair Buchanan said it indicated that Britain faces "a tough challenge" in maintaining secure [energy] supplies while at the same time meeting its climate change targets".
"However, there is still time to act. Ofgem will be putting forward proposals in the New Year based on today's consultation to ensure that Britains energy industry can meet the challenges ahead," he stated.
Mr Buchanan claimed that early action could avoid "hasty and expensive measures later", helping to keep UK electricity and gas prices down.
Climate change secretary Ed Miliband recently claimed that gas and electric costs could be reduced if legislation is passed to create energy co-operatives.
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