Following a two year investigation, the Competition and Markets Authority has today published its final report on its recommendations to fix the broken energy market.
Earlier this year the CMA set out its initial findings citing lack of competition in the energy market. Today’s final report maintains this sentiment and calls for improvements to be made to help people switch energy provider.
It’s also two years since we launched our Energy Prices campaign calling for a fairer energy market.
Over the past two years our campaign has highlighted time and time again the lack of competition in the sector, the sheer number of people paying over the odds for their energy and the limited protection for vulnerable customers.
Today’s report has simply confirmed to us that the energy market is not working for consumers.
Our Director of Policy and Campaigns, Alex Neill, said:
‘With the cost to consumers of an uncompetitive market standing at £1.4 billion, it's high time for energy companies to accept they need to change.
‘After a two year investigation, we need to see swift action by suppliers and Ofgem to set out how they will implement the review's recommendations. If the energy companies fail to show they can treat their customers fairly, and deliver better service and competitive prices, the regulator must be ready to come down on them like a ton of bricks.’
We’ll continue to push for a fairer energy market alongside the almost 480,000 supporters who’ve backed our Energy Prices campaign so far.
Join our call for a fairer energy market and sign our petition today.
E.ON, one of the Big Six suppliers which dominate the UK energy market, has today announced it is reducing its standard gas price by 5.1%.
Which? executive director, Richard Lloyd, said:
'E.ON has taken the first step by cutting its prices for gas deals but given plummeting wholesale costs, consumers are bound to question if it’s enough.
'In a market where competition isn’t working effectively more has to be done to make pricing fair, switching easier and ensure the most vulnerable are protected. The regulator must use the competition inquiry to ensure it introduces measures that fix this broken market so that it works for consumers.'
If you agree that we need to fix our broken energy market, then sign our petition.
OVO Energy has come out in support of our Fair Energy Prices campaign.