Latest News Tue, Mar 22, 2016 5:25 PM
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
Fassa Bortolo, a globally recognised name in high-performance render systems has...
GEZE UK has continued its investment in sustainability and optimising operational...
BUILDING PRODUCT DIRECTORY - LATEST PRODUCTS
Straightcurve® – headquartered in Australia, is renowned for high-end innovative garden edging,...
The Kingspan RLG600 raised access floor panel is intended for light office use and is capable of...
Kingspan RHG600 Simploc is the heavy grade floor system, capable of handling up to a 12kN/m2...
CONSTRUCTION VIDEOS - LATEST VIDEOS
Specification Insights with Majestic London Showers
“Building with stone wool insulated sandwich panels” written by Professor Imperadori, is now...
Portakabin | Installation at the iconic Admiralty Arch, London