UK: Ofgem admits uncertainty amid energy market outcries

As consumers and politicians alike pressure the UK’s energy market to explain rising prices, energy regulator Ofgem has reportedly admitted that it cannot say for sure what a competitive energy market would look like, despite officials calling for such a situation.

Reports say Ofgem head Andrew Wright remarked Tuesday that the regulator’s investigation into the market, which began five years ago, was started with the intention of finding out just what competition in the energy sector means; until then, however, it cannot be defined.

Ofgem has implemented various policy changes into the energy market since 2009 following a 2008 market inquiry; now, Parliament is calling for a market assessment of competition levels in the industry. Such a review will be carried out by Ofgem and the Office of Fair Trading, as well as the incoming regulator the Competition and Markets Authority.

Ofgem said it is now planning to hold annual reviews of the industry with the OFT and CMA.

Full content: Telegraph

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