UK Money News
22nd February 2008
Ofgem to probe gas and electricity market
Ofgem has today begun an investigation into the UK's gas and electricity market amid growing consumer concern over providers' price increases.
Since the start of the year npower, British Gas, Scottish Power and EON have all confirmed 15 per cent increases to their tariffs - moves which have been heavily criticised by consumer groups.
The investigation will focus on competition issues such as how difficult it is for new suppliers to enter the market as well as examining the relationship between retail and wholesale energy prices.
Ofgem chief executive Alistair Buchanan said: "The decision to conduct the probe is in response to public concern about whether the market is working effectively.
"We hope it will shed light on how the energy market fails consumers and what can be done to fix it"
The probe comes after British Gas yesterday announced an annual operating profit of £581 million, which led consumers to question the justification for the company introducing higher tariffs.
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