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UK: Ofgem regulation creates seventh major energy player

By  |  November 20, 2013

Following newly instated regulations by the UK’s energy watchdog Ofgem, reports say a seventh electricity company is set to emerge early next year after npower agreed to divest 770,000 customer accounts.

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    Reports say the accounts make up npower subsidies Electricity Plus and Gas Plus; both were sold to Telecom Plus on Wednesday for more than $350 million.

    The sale was made to align with new Ofgem rules that cap the number of tariffs on offer for UK consumers at four.

    According to npower, the sale creates the largest independent player in the UK energy sector.

    The move also comes as consumers consider switching to smaller companies from the top six rivals following rising energy costs.

    Full Content: Sky News

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