Immediately after energy watchdog Ofgem was blamed by former energy executives for playing a part in rising energy costs, the watchdog is on the defense.
Former energy regulators filed a letter to the Competition and Markets Authority, which is now investigating the energy market at the recommendation of Ofgem, advising the CMA to examine the role that Ofgem played in lessening energy competition and rising energy costs. The former executives argue that Ofgem reduced the number of deals on offer, causing customers to decline to switch energy providers.
But in a statement, Ofgem argued that “many of the current problems with retail competition in the energy market were showing before 2008 and the regulatory and policy environment has changed significantly since then.”
The former regulators had raised additional concerns with the CMA that the regulator’s findings of the energy industry were largely based on Ofgem papers, and therefore could be biased. The CMA has lodged an in-depth robe of the industry that will last for 18 months.
Full content: Sky.com
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Justice Department Moves to End NCAA Transfer Rule
May 30, 2024 by
CPI
Kenya’s Competition Authority Proposes Tougher Regulations on Big Tech
May 30, 2024 by
CPI
KKR Secures EU Antitrust Approval for $24 Billion Acquisition of Telecom Italia’s Fixed-Line Network
May 30, 2024 by
CPI
European Court Sides with Tech Giants in Italian Regulatory Dispute
May 30, 2024 by
CPI
US Steel and Nippon Steel Secure International Approvals for $14.9B Merger
May 30, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Healthcare Antitrust
May 31, 2024 by
CPI
AI and Antitrust Considerations in U.S. Health Care
May 31, 2024 by
CPI
Uncertainty in the Bottom Line: New Antitrust Scrutiny and Enforcement in Private Equity Transactions
May 31, 2024 by
CPI
Effecting M&A Diligence When Competitors Are Involved
May 31, 2024 by
CPI
AI, Pharmaceutical Sector, and EU Competition Law and Policy: What Does the Future Look Like?
May 31, 2024 by
CPI