Three of the UK’s biggest energy companies have said they would welcome an inquiry into competition in the gas and electricity market.
Eon, Npower and EDF are keen for a formal investigation to take place, according to the Financial Times. The energy giants believe that it would help restore consumer confidence in the industry.
No trust for energy companies
MPs and consumer groups have been calling for the Competition Commission to launch an inquiry following a significant rise in energy bills during the past year.
Last week, Energy Secretary Chris Huhne accused energy firms of ‘predatory pricing’ and criticised the biggest firms for hiking prices and making it difficult for new companies to enter the market. Read what happened when we quizzed Chris Huhne on energy issues on Which? Conversation.
Currently, just six energy companies – British Gas, Scottish Power, Scottish and Southern Energy, Npower, Eon and EDF – supply 99% of UK households.
Call for simple energy tariffs
Which? has launched an Affordable Energy Campaign, calling for all energy suppliers to offer a simplified tariff that would make it easier for consumers to shop around and find the best energy deal for them.
Industry regulator Ofgem has also proposed a series of industry reforms which include simplifying bills to give customers greater clarity over how they are calculated.
Which? principal advocate Pete Moorey comments: ‘With low levels of trust in the energy industry, it is good that fundamental questions are being asked about how to restore confidence.
‘When 60% of domestic energy customers never switch, the companies, government and Ofgem should all be asking how competition can be injected into the energy market.’
- Email Ofgem’s chief executive to ask him to tackle tariffs
- Find out more about our energy tariff investigation
- Could you save money by switching energy supplier?