Minister to unveil details of energy market review

Latest News Tue, Mar 22, 2016 5:25 PM

Minister to unveil details of energy market review

Energy Secretary Ed Davey is expected to unveil more details of a proposed review of competition in the energy market in a Commons statement.

Prime Minister David Cameron told MPs on Wednesday that a competition inquiry would be unveiled straight away.

The review will be led by the regulator Ofgem, together with the Office of Fair Trading (OFT) and the Competition and Markets Authority (CMA).

Mr Davey is due to deliver the annual energy statement to the House of Commons and the review is expected to report annually on the state of the energy market, examining the barriers encountered by new suppliers entering the market, scrutinising prices and profitability, and evaluating how easy customers are finding it to switch suppliers.

"I'll be announcing that we'll do an annual competition assessment to make sure that these big six [energy companies], they feel the pressure of competition," Mr Davey has said.

"We're not going to let them get away with hiding things, from people, from Parliament, from ministers," he said.
Continue reading the main story    

The first review is expected to be complete by spring 2014 and would help to bring "much more transparency" to the sector, he added.

Four of the UK's six main energy companies have recently announced price rises, with an average increase of 9.1%, and the other two are expected to follow suit soon.

The firms say the rises are largely due to increasing wholesale prices, but Ofgem says these have only risen by 1.7% in the last year.

Wholesale costs - the price at which energy companies buy the gas and electricity they provide to customers - make up just under half of the energy bills paid by most customers.

Appearing before the Energy and Climate Change Committee of MPs this week, some of the big energy companies blamed the government's social and green policies for driving up prices.

Featured News

Specification news
STA release a guide to commercial viability for...

The Structural Timber Association have released their ‘Guide to Commercial...

Read More >>

Specification news
Report calls for reform to planning system for UK’s...

CPRE has released a new report, alongside the Aldersgate Group and RenewableUK, which...

Read More >>

BUILDING PRODUCT LIBRARY - LATEST BROCHURES

Novantica - Cement Free Restoration  Brochure

Novantica - Cement F...
By Fassa Bortolo

Download Now >>

Fassatherm System - Product Catalogue  Brochure

Fassatherm System -...
By Fassa Bortolo

Download Now >>

Fassarend System - Product Catalogue  Brochure

Fassarend System - P...
By Fassa Bortolo

Download Now >>

Fassalime System - Product Catalogue  Brochure

Fassalime System - P...
By Fassa Bortolo

Download Now >>

BUILDING PRODUCT DIRECTORY - LATEST PRODUCTS

Straightcurve®
Straightcurve®

Straightcurve® – headquartered in Australia, is renowned for high-end innovative garden edging,...

Read More >>

RLG600 Access Flooring System
RLG600 Access Flooring System

The Kingspan RLG600 raised access floor panel is intended for light office use and is capable of...

Read More >>

RHG600 Simploc
RHG600 Simploc

Kingspan RHG600 Simploc is the heavy grade floor system, capable of handling up to a 12kN/m2...

Read More >>

CONSTRUCTION VIDEOS - LATEST VIDEOS

Discover the first-ever reference book for stone wool insulated sandwich panels
Discover the first-ever reference book for stone wool insulated sandwich panels

“Building with stone wool insulated sandwich panels” written by Professor Imperadori, is now...

Watch Now >>

Portakabin | Installation at the iconic Admiralty Arch, London
Portakabin | Installation at the iconic Admiralty Arch, London

Portakabin | Installation at the iconic Admiralty Arch, London

Watch Now >>