Menu
10/02/2014
Competition Watchdog To Examine Profits Of Big Six Energy Companies
Energy Secretary Ed Davey has urged a competition watchdog to examine the benefits of the big six energy companies.
Mr Davey believes every household could save £40 a year if profit gas margins were of a similar level to electricity.
The Secretary has written a letter to energy regulator Ofgem, as well as the Competition and Markets Authority asking them to consider all possible remedies and to investigate the profit margins as part of an ongoing review.
He said that profit margins made by the big six energy firms are in some cases five times higher than previously thought for supplying household electricity.
Mr Davey suggested that if an investigation found evidence of a monopoly "to the detriment of the consumer", it could result in a company being broken up, according to Sky News.
(CVS/CD)
Mr Davey believes every household could save £40 a year if profit gas margins were of a similar level to electricity.
The Secretary has written a letter to energy regulator Ofgem, as well as the Competition and Markets Authority asking them to consider all possible remedies and to investigate the profit margins as part of an ongoing review.
He said that profit margins made by the big six energy firms are in some cases five times higher than previously thought for supplying household electricity.
Mr Davey suggested that if an investigation found evidence of a monopoly "to the detriment of the consumer", it could result in a company being broken up, according to Sky News.
(CVS/CD)
Related UK National News Stories
Click here for the latest headlines.
24 September 2008
EDF To Takeover British Energy
The Government welcomed EDF's proposed £12.5 billion takeover offer for British Energy Group and the British Energy Board's recommendation of the offer to its shareholders. The Government has committed to accept the cash offer of 774p per share for its 36% stake held by the Nuclear Liabilities Fund (NLF), subject to certain conditions.
EDF To Takeover British Energy
The Government welcomed EDF's proposed £12.5 billion takeover offer for British Energy Group and the British Energy Board's recommendation of the offer to its shareholders. The Government has committed to accept the cash offer of 774p per share for its 36% stake held by the Nuclear Liabilities Fund (NLF), subject to certain conditions.
22 February 2011
Energy Forum Marks Milestone In Efforts
Speaking at the International Energy Forum (IEF) ministerial meeting in Saudi Arabia today, UK Energy Minister Charles Hendry highlighted the importance of international efforts to stabilise the cost of energy sources.
Energy Forum Marks Milestone In Efforts
Speaking at the International Energy Forum (IEF) ministerial meeting in Saudi Arabia today, UK Energy Minister Charles Hendry highlighted the importance of international efforts to stabilise the cost of energy sources.
23 February 2012
Labour Slams British Gas For "Enjoying Huge Profits"
Labour's Shadow Secretary has slammed Centrica, owners of British Gas, after reporting profits of £2.415 billion. Caroline Flint MP said people will be shocked when millions of families are struggling with their energy bills while British Gas enjoys huge profits.
Labour Slams British Gas For "Enjoying Huge Profits"
Labour's Shadow Secretary has slammed Centrica, owners of British Gas, after reporting profits of £2.415 billion. Caroline Flint MP said people will be shocked when millions of families are struggling with their energy bills while British Gas enjoys huge profits.
22 November 2013
Five Of The 'Big Six' Energy Companies Told To Cut Costs
Five of the UK's 'big six' energy companies have been told to cut costs for consumers. Rejecting the companies investment plans, Ofgem, the energy regulator, has said that they should be able to "deliver more for less".
Five Of The 'Big Six' Energy Companies Told To Cut Costs
Five of the UK's 'big six' energy companies have been told to cut costs for consumers. Rejecting the companies investment plans, Ofgem, the energy regulator, has said that they should be able to "deliver more for less".
25 September 2013
Labour Pledge Action If Energy Companies Defy Price Freeze
Labour leader Ed Miliband has said that a Labour government would implement a 20-month gas and electric prize freeze should his party win the 2015 election. News of the freeze was welcomed by consumer groups but it is understood that the "big six" energy firms have warned of "serious consequences".
Labour Pledge Action If Energy Companies Defy Price Freeze
Labour leader Ed Miliband has said that a Labour government would implement a 20-month gas and electric prize freeze should his party win the 2015 election. News of the freeze was welcomed by consumer groups but it is understood that the "big six" energy firms have warned of "serious consequences".
-
Northern Ireland WeatherToday:A cloudy day with outbreaks of mainly light rain at times, although there may be the odd heavier burst. Driest in the south and east during the afternoon. Moderate southwesterly winds. Maximum temperature 11 °C.Tonight:Staying cloudy throughout the evening and overnight period with a little rain or drizzle at times. Mild overnight with light winds. Minimum temperature 7 °C.
