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26/02/2014
Ofgem Produces New Rules For Energy Industry
The UK's 'Big Six' energy companies must trade fairly or face financial penalties, the industry regulator has said.
Ofgem has produced a series of new regulations for the industry to take effect from 31 March, which they say will mean a "simpler, clearer, fairer energy market".
Alongside ensuring that the six main energy companies trade fairly with independent suppliers, the new rules will also require the companies to publish their trade prices for wholesale power up to two years in advance, and make their annual statements more "robust, useful and accessible".
Ofgem CEO Andrew Wright said: "Our rules for a simpler, clearer, fairer energy market are coming into force, meaning that it is getting easier for consumers to pick out the best deals. Now we are also breaking down barriers to competition for new entrant suppliers.
"These reforms give independent suppliers, generators and new entrants to the market, both the visibility of prices and opportunities to trade that they need to compete with the largest energy suppliers. Almost two million customers are with independent suppliers, and we expect these reforms to help these suppliers and any new entrants to grow.
"We also want to ensure that information on revenues, costs and profits of the largest energy suppliers is as clear as possible for consumers. No other European regulator has gone as far as Ofgem in making this information accessible for consumers.
"Now we are taking further steps to ensure that it is published more quickly, and that it gives a robust, useful and accessible picture of company profits. Both of these reforms will help ensure competition bears down as effectively as possible on prices."
(MH/JP)
Ofgem has produced a series of new regulations for the industry to take effect from 31 March, which they say will mean a "simpler, clearer, fairer energy market".
Alongside ensuring that the six main energy companies trade fairly with independent suppliers, the new rules will also require the companies to publish their trade prices for wholesale power up to two years in advance, and make their annual statements more "robust, useful and accessible".
Ofgem CEO Andrew Wright said: "Our rules for a simpler, clearer, fairer energy market are coming into force, meaning that it is getting easier for consumers to pick out the best deals. Now we are also breaking down barriers to competition for new entrant suppliers.
"These reforms give independent suppliers, generators and new entrants to the market, both the visibility of prices and opportunities to trade that they need to compete with the largest energy suppliers. Almost two million customers are with independent suppliers, and we expect these reforms to help these suppliers and any new entrants to grow.
"We also want to ensure that information on revenues, costs and profits of the largest energy suppliers is as clear as possible for consumers. No other European regulator has gone as far as Ofgem in making this information accessible for consumers.
"Now we are taking further steps to ensure that it is published more quickly, and that it gives a robust, useful and accessible picture of company profits. Both of these reforms will help ensure competition bears down as effectively as possible on prices."
(MH/JP)
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