'Big Six' energy firms to face major competition inquiry
Energy regulator Ofgem has called for the "Big Six" gas and electricity providers to face a full-scale competition inquiry.
Energy regulator Ofgem has called for the "Big Six" gas and electricity providers to face a full-scale competition inquiry.
The chief executive of RWE npower has welcomed the major competition inquiry into energy firms and said it is "time that the realities of the market were made public."
It's time that the realities of the energy market were made public. Britain has the 3rd cheapest gas prices in Europe and the 7th cheapest electricity prices, and we have taken steps to get to the facts as to why bills are going up.
If there are problems they need to be dealt with, and where the market is operating well this can be acknowledged.
Mr Massara added that British consumers deserved a "comprehensive and vigorous investigation" so the public could start trusting energy companies again.
Regulators have called for an investigation into the UK's Big Six energy suppliers amid soaring household bills and rocketing profits.
Ofgem's finding that aspects of energy firms' behaviour "would appear to be consistent with tacit coordination" has been denied by Centrica.
The inquiry into the 'Big Six' energy firms is a significant moment, but don't hold your breath, it will take the best part of two years.