UK: Energy watchdog shows teeth to dominant power cos

The UK’s energy watchdog Ofgem has made harsh demands upon the power market as part of efforts to reign in the dominance of some of the major energy players, though critics claim it took too long for the regulator to finally crack down. Ofgem, which claims that some of the largest energy companies including British Gas and SSE, have a “stranglehold” on the sector and is now demanding the companies supply wholesale power to smaller competitors. Further, Ofgem will require the companies to report pricing details up to two years in advance. While consumer groups and government officials applaud the efforts – which are meant to lower consumer bills and strengthen competition – some say the demands do not go far enough to loosen the grip the Big Six energy companies have on the nation. While officials say the policies will improve pricing transparency and benefit consumers, consumer watchdog Which? is calling for even more drastic measures.

Full Content: The Guardian

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