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Construction News
16/12/2008
Ofgem Demands Speedier Action From Energy Suppliers
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Ofgem's energy market probe is on track to remove more than £500 million in unfair premiums from suppliers' tariffs but Ofgem wants speedier action.
The regulator is consulting on proposed changes to suppliers' licences to end prices that are not justified by associated cost to the supplier.
The six main energy suppliers have pushed ahead towards stripping of more than half a billion pounds in unfair pricing from energy bills. The companies have agreed with Ofgem's probe finding than many disadvantaged households are paying unfair prices, but the regulator is concerned about the rate of progress and has moved to ban such pricing.
Ofgen Chief Executive Alistair Buchanan said: We've seen progress but it's certainly not the endgame. We've seen encouraging signs since the end of our initial investigation but we demand more and quicker action for those customers currently losing out. And we are about to consult on new rules to end unfair pricing in future. If we are not satisfied with the suppliers' responses we can, should we choose, go to the Competition Commission."
(CD/JM)
The regulator is consulting on proposed changes to suppliers' licences to end prices that are not justified by associated cost to the supplier.
The six main energy suppliers have pushed ahead towards stripping of more than half a billion pounds in unfair pricing from energy bills. The companies have agreed with Ofgem's probe finding than many disadvantaged households are paying unfair prices, but the regulator is concerned about the rate of progress and has moved to ban such pricing.
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Ofgen Chief Executive Alistair Buchanan said: We've seen progress but it's certainly not the endgame. We've seen encouraging signs since the end of our initial investigation but we demand more and quicker action for those customers currently losing out. And we are about to consult on new rules to end unfair pricing in future. If we are not satisfied with the suppliers' responses we can, should we choose, go to the Competition Commission."
(CD/JM)
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