Ofgem forges ahead with plans for 'radical overhaul' of energy market - 22/06/2011
Customers wishing to compare energy prices might be interested to hear that the industry watchdog is moving forward with plans for a radical overhaul of the retail gas and electricity market.
Ofgem chief executive Alistair Buchanan commented that the regulator's consultations on plans to reform the market have been met with a consensus that energy suppliers should change the way they deal with customers at a time when prices are rising.
"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."
Mr Buchanan said this is why Ofgem is forging ahead with plans to sweep away complex tariffs and expose suppliers' prices to the consumer.
"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," he said.
His remarks came after Ofgem research showed wholesale gas and electricity costs have soared 30 per cent since last December.
If you want to find out more about your energy options and how you could save up to £453 in minutes, click here.
Share this story with your friends:-
Save up to £300 on your gas & electricity bills at energyhelpline.com
Compare prices from all energy suppliers to find your best deal