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Regulators urged to investigate 'broken' energy market

Consumer group Which? and the Federation of Small Business (FSB) have written a joint letter to the Office of Fair Trading, Ofgem and the Competition and Markets Authority, saying that competition in the energy market needs to be increased.

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Energy bills 'a major concern' for small businesses

Which? and the FSB said in their letter that ever rising energy bills were a "major concern" for small businesses.

The letter said:

It is clear that the energy market is broken and urgently needs fixing. Top of our concerns is the need to increase competition and to make trading transparent.

For too long the lack of competition in the energy market has not been addressed. It is now time for radical changes that deliver an effective, competitive market that works for everyone, before the scale of this crisis worsens.

We all want to see a transparent market where consumers and businesses alike can understand their bills, compare prices and switch easily.

We want to see the presence of strong competition right across the industry drive affordable pricing that gives everyone the confidence they are paying a fair price for their energy.

Nine in 10 consumers 'want energy market investigation'

Consumer group Which? and the Federation of Small Business (FSB) said nine in 10 consumers believed the energy market should be referred for further investigation, while seven in 10 are worried about energy prices and only one in five trusted energy companies.

The big six gas and electricity suppliers are expected to hear soon, possibly later this week, whether there is to be a full competition inquiry into the energy industry.

The financial, energy and consumer regulators have been reviewing the working of the market for the past three months and are expected to publish a final report within days.

There is speculation that the report could trigger a full competition inquiry.

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Businesses demand more competition in energy market

Ebborough Power Station in North Yorkshire seen in 2013. Credit: PA

Regulators are being urged to launch an investigation into the energy market amid fresh claims that it is "broken".

Consumer group Which? and the Federation of Small Business (FSB) have written a joint letter to the Office of Fair Trading, Ofgem and the Competition and Markets Authority, saying that competition needed to be increased.

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