UK: Energy department finds failures in Ofgem crackdown

The UK’s Department of Energy and Climate Change released figures published Sunday that suggest energy watchdog Ofgem has failed in its efforts to crack down on the dominance of the so-called Big Six energy firms.

Reports say the Department’s report suggests a stagnant market and that Ofgem has not acted to reign in the market dominance of the top six energy companies. Inquiries have been launched into the companies’ pricing strategies as domestic power bills continue to spike.

Ofgem is expected to release its preliminary findings later this week of an investigation into the market and top companies including British Gas and E.ON. Reports suggest that Ofgem’s anticipated report could call for a breakup of the top six energy companies. But shadow to the energy and climate change secretary, Caroline Flint, expressed skepticism over Ofgem’s efforts, saying that such an investigation and its findings would only earn consumer confidence if they included proposed remedies to lower energy costs for consumers and boost competition in the industry.

Similarly, consumer watchdog Which?, along with the Federation of Small Businesses, have appealed to authorities to launch a full-scale probe into what they consider a “broken” market, reports say.

Full Content: The Guardian

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.