By Max Clarke
Ofgem has today announced it is to press ahead with its ‘radical overhaul’ of the retail energy market.
The Government's Office of Gas and Electricity Markets (Ofgem) is the regulator charged with protecting electricity and natural gas consumers by promoting competition within the industry.
The move, which will catalise a break up of big energy suppliers’ market hegemony has wide support from UK consumers, Consumer Focus, Which?, CAB, Age UK and uSwitch along with independent generators and small energy suppliers.
“Responses to our reforms,” said Ofgem’s Chief Executive Alistair Buchanan, “show that there is increasing consensus across a range of consumer and business groups that in a period of rising energy prices energy suppliers have to transform the way they deal with consumers. We are also seeing signs that the penny has dropped with the Big Six and they are ready to take part constructively in the debate.”
“This is why Ofgem is pressing ahead with its consultations to sweep away complex tariffs in order to expose energy suppliers’ prices to consumer power. We will also pursue breaking up the stranglehold of the Big Six on the electricity market to encourage more firms, like new arrival the Co-op, to enter the energy market and increase the competitive pressure on the Big Six.
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