OFGEM vows to ‘break stranglehold’ in energy market after getting new powers
Although UK’s energy market is currently dominated by the six major suppliers (Centrica – British Gas, E.ON, SSE, Npower, EDF and ScottishPower), it seems that market regulator OFGEM is keen on changing that, by imposing a specific framework of rules designed to bolster fair trade and competition.
According to a news report on this matter, OFGEM plans to set regulations that would coerce large suppliers and generators to trade fairly with smaller players or face cash penalties. Such measures would bolster the level of competition on the market, allowing smaller suppliers to offer better deals to their own customers.
It seems that the major firms will have to sell power at a fair price and negotiate fairly at all times, not to mention the fact that they’ll also have meet deadlines for request acknowledgements.
Furthermore, the regulator wants to impose an obligation that will require the big six companies to post the prices at which they will buy and sell power up to two years in advance, which should deliver a greater level of transparency for the spot market and will also make it easier for independent firms to buy power for their customers.OFGEM vows to ‘break stranglehold’ in energy market after getting new powers
Naturally, it remains to be seen just how the big energy suppliers will react when faced with these new regulations, and whether end-customers will actually benefit, by getting smaller energy bills.
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