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16/12/2008
Ofgem Calls For Action On Unfair Energy Pricing
Energy regulator Ofgem has threatened to ban unfair pricing by suppliers, saying they were not delivering price cuts fast enough to reduce bills for households.
Since the probe began, Ofgem has revealed more than £300 million had been taken off the premiums paid by customers, including pre-payment meter (PPM) users.
It also said the six big energy suppliers have indicated further reductions that should reach at least £200m.
The regulator however, criticised the pace of delivery of the cuts, saying they should be made faster. Ofgem said it would be referring the matter to the Competition Commission in the New Year if it is not satisfied with the industry's response to the proposals.
Ofgem published the initial findings of its energy market probe in October.
"We've seen progress but it's certainly not the endgame," Ofgem chief executive Alistair Buchanan said. "We've seen encouraging signs since the end of our initial investigation but we demand more and quicker action for those customers currently losing out.
"And we are about to consult on new rules to end unfair pricing in future. If we are not satisfied with the suppliers' responses we can, should we choose, go to the Competition Commission."
As well as the January consultation on licence changes, Ofgem will now move forward with the full package of remedies identified in the probe report.
These include tightening rules on sales and marketing activities, helping small businesses, and powers to tackle market abuse. At the same time Ofgem will progress the actions delivered from the April Ofgem-led Fuel Poverty Summit.
(JM)
Since the probe began, Ofgem has revealed more than £300 million had been taken off the premiums paid by customers, including pre-payment meter (PPM) users.
It also said the six big energy suppliers have indicated further reductions that should reach at least £200m.
The regulator however, criticised the pace of delivery of the cuts, saying they should be made faster. Ofgem said it would be referring the matter to the Competition Commission in the New Year if it is not satisfied with the industry's response to the proposals.
Ofgem published the initial findings of its energy market probe in October.
"We've seen progress but it's certainly not the endgame," Ofgem chief executive Alistair Buchanan said. "We've seen encouraging signs since the end of our initial investigation but we demand more and quicker action for those customers currently losing out.
"And we are about to consult on new rules to end unfair pricing in future. If we are not satisfied with the suppliers' responses we can, should we choose, go to the Competition Commission."
As well as the January consultation on licence changes, Ofgem will now move forward with the full package of remedies identified in the probe report.
These include tightening rules on sales and marketing activities, helping small businesses, and powers to tackle market abuse. At the same time Ofgem will progress the actions delivered from the April Ofgem-led Fuel Poverty Summit.
(JM)
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