Menu
26/02/2014
Ofgem Produces New Rules For Energy Industry
The UK's 'Big Six' energy companies must trade fairly or face financial penalties, the industry regulator has said.
Ofgem has produced a series of new regulations for the industry to take effect from 31 March, which they say will mean a "simpler, clearer, fairer energy market".
Alongside ensuring that the six main energy companies trade fairly with independent suppliers, the new rules will also require the companies to publish their trade prices for wholesale power up to two years in advance, and make their annual statements more "robust, useful and accessible".
Ofgem CEO Andrew Wright said: "Our rules for a simpler, clearer, fairer energy market are coming into force, meaning that it is getting easier for consumers to pick out the best deals. Now we are also breaking down barriers to competition for new entrant suppliers.
"These reforms give independent suppliers, generators and new entrants to the market, both the visibility of prices and opportunities to trade that they need to compete with the largest energy suppliers. Almost two million customers are with independent suppliers, and we expect these reforms to help these suppliers and any new entrants to grow.
"We also want to ensure that information on revenues, costs and profits of the largest energy suppliers is as clear as possible for consumers. No other European regulator has gone as far as Ofgem in making this information accessible for consumers.
"Now we are taking further steps to ensure that it is published more quickly, and that it gives a robust, useful and accessible picture of company profits. Both of these reforms will help ensure competition bears down as effectively as possible on prices."
(MH/JP)
Ofgem has produced a series of new regulations for the industry to take effect from 31 March, which they say will mean a "simpler, clearer, fairer energy market".
Alongside ensuring that the six main energy companies trade fairly with independent suppliers, the new rules will also require the companies to publish their trade prices for wholesale power up to two years in advance, and make their annual statements more "robust, useful and accessible".
Ofgem CEO Andrew Wright said: "Our rules for a simpler, clearer, fairer energy market are coming into force, meaning that it is getting easier for consumers to pick out the best deals. Now we are also breaking down barriers to competition for new entrant suppliers.
"These reforms give independent suppliers, generators and new entrants to the market, both the visibility of prices and opportunities to trade that they need to compete with the largest energy suppliers. Almost two million customers are with independent suppliers, and we expect these reforms to help these suppliers and any new entrants to grow.
"We also want to ensure that information on revenues, costs and profits of the largest energy suppliers is as clear as possible for consumers. No other European regulator has gone as far as Ofgem in making this information accessible for consumers.
"Now we are taking further steps to ensure that it is published more quickly, and that it gives a robust, useful and accessible picture of company profits. Both of these reforms will help ensure competition bears down as effectively as possible on prices."
(MH/JP)
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 March 2009
Ofgem Unveils New Rules For Energy Suppliers
Energy regulator Ofgem has unveiled a package of new rules for energy suppliers that will give consumers more power and help to seal the flaws in the retail market identified in the regulator's market probe. The proposed measures will make the market work better for all energy consumers including vulnerable households and small businesses.
Ofgem Unveils New Rules For Energy Suppliers
Energy regulator Ofgem has unveiled a package of new rules for energy suppliers that will give consumers more power and help to seal the flaws in the retail market identified in the regulator's market probe. The proposed measures will make the market work better for all energy consumers including vulnerable households and small businesses.
14 October 2011
Regulator Demands Basic Electricity Tariff
The energy regulator has published demands on suppliers to offer standard tariffs and more choice, just as companies record an increase in margins. Regulator Ofgem said in its 'Promoting Choice and Value' document, published on Friday, that tariff complexity, poor supplier behaviour and lack of transparency needed "radical change".
Regulator Demands Basic Electricity Tariff
The energy regulator has published demands on suppliers to offer standard tariffs and more choice, just as companies record an increase in margins. Regulator Ofgem said in its 'Promoting Choice and Value' document, published on Friday, that tariff complexity, poor supplier behaviour and lack of transparency needed "radical change".
07 December 2009
Gas Suppliers Warned On Bills
A UK energy regulator has warned gas suppliers that prices charged to households must come down if the price of wholesale gas continues to fall. The regulator, Ofgem, said companies must not "use investment as a shameful excuse to overcharge consumers" and bills must come down in the New Year to avoid the customer losing out.
Gas Suppliers Warned On Bills
A UK energy regulator has warned gas suppliers that prices charged to households must come down if the price of wholesale gas continues to fall. The regulator, Ofgem, said companies must not "use investment as a shameful excuse to overcharge consumers" and bills must come down in the New Year to avoid the customer losing out.
-
Northern Ireland WeatherThis Evening and Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Perhaps a touch of ground frost. Cloud will spread east towards morning. Minimum temperature 2 °C.
