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26/11/2010
Ofgem To Review Energy Market
Ofgem's latest analysis of retail prices, published today, shows that the margin on a standard dual fuel tariff is now around £90, an increase of 38 per cent from September.
Whilst Ofgem would expect efficient firms to make a profit, it wants clarity on behalf of consumers that the market is transparent and is working as effectively as possible. This is why Ofgem will review the retail energy market to decide if further changes are needed to ensure the market works in the interests of consumers and to increase transparency in the energy market.
As part of this review it will investigate the retail accounts, recently received by Ofgem under new licence requirements.
Ofgem's Chief Executive, Alistair Buchanan, said: "With Britain facing an investment bill of £200 billion over the next 10 years, consumers have the right to expect that the energy retail market is providing them with value for money. Our analysis published today shows an increase in company margins from £65 to £90 at a time of rising energy prices, which causes Ofgem to rightly ask if companies are playing it straight with
consumers.
"The energy retail market can only be fully effective if consumers have confidence that the market is transparent and easy to take part in. So we will go beyond our usual quarterly reports on prices and do a comprehensive review of the retail market and our recent reforms from the consumers' perspective. We will also carry out a detailed investigation of the newly available retail accounts and the facts behind these numbers.
"Greater transparency in the market is good for consumers, investors and for the energy industry as a whole."
(CD/GK)
Whilst Ofgem would expect efficient firms to make a profit, it wants clarity on behalf of consumers that the market is transparent and is working as effectively as possible. This is why Ofgem will review the retail energy market to decide if further changes are needed to ensure the market works in the interests of consumers and to increase transparency in the energy market.
As part of this review it will investigate the retail accounts, recently received by Ofgem under new licence requirements.
Ofgem's Chief Executive, Alistair Buchanan, said: "With Britain facing an investment bill of £200 billion over the next 10 years, consumers have the right to expect that the energy retail market is providing them with value for money. Our analysis published today shows an increase in company margins from £65 to £90 at a time of rising energy prices, which causes Ofgem to rightly ask if companies are playing it straight with
consumers.
"The energy retail market can only be fully effective if consumers have confidence that the market is transparent and easy to take part in. So we will go beyond our usual quarterly reports on prices and do a comprehensive review of the retail market and our recent reforms from the consumers' perspective. We will also carry out a detailed investigation of the newly available retail accounts and the facts behind these numbers.
"Greater transparency in the market is good for consumers, investors and for the energy industry as a whole."
(CD/GK)
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Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
