ScottishPower has apologised unreservedly to customers affected by misselling by doorstep and telesales agents.
ScottishPower's chief executive of energy retail and generation, Neil Clitheroe, said he was "happy that this matter has now been concluded".
Mr Clitheroe said in a statement: "I am pleased that Ofgem has made it clear that they found no evidence of a strategy by ScottishPower to deliberately missell to customers.”
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The lender, which is the worst affected by the PPI mis-selling scandal, said it has also set aside £150m for other conduct issues.
Vodafone has been fined £4.6 million by the industry regulator for "serious and sustained" breaches of consumer protection rules.
After a very foggy start it should be a sunny afternoon for most of us.