Sunny

Sunny

max temp: 12°C

min temp: 6°C

Search

Suffolk: Competition investigation into energy market welcomed by MP

06:07 30 June 2014

Therese Coffey

Therese Coffey

Suffolk Coastal MP Therese Coffey has welcomed the announcement that the energy market will be subject to a full competition investigation.

shares

The review, announced by energy watchdog Ofgem, will be carried out by the Competition and Markets Authority (CMA) and will investigate whether competition is working effectively enough for consumers, bearing down on prices.

Ofgem chief executive Dermot Nolan said: “This will help rebuild consumer trust and confidence in the energy market as well as provide the certainty investors have called for.

“The energy market is also going to change rapidly over the next few years with the roll-out of smart meters, the Government’s electricity market reforms, and closer integration with European energy markets.”

Dr Coffey said: “This review is timely particularly after recent polling indicated over a third of consumers in the East of England do not trust their electricity supplier.

“This is of concern, particularly when we know that energy companies are big investors and employers in Suffolk like EDF at Sizewell and SSE with its offshore wind farms. We need to ensure that the market works for consumers.

“I am pleased that energy companies, such as EDF, have also welcomed the inquiry which will provide confidence for investors to help secure the long sustainability of our energy market.”

As well as assisting the CMA, Ofgem will continue its work to protect consumers including pushing forward on next-day switching, improving the support available for vulnerable consumers in finding the best energy deal and continuing to ensure that consumers make the most of recent reforms to make the market simpler, clearer and fairer.

The announcement came as official figures showed the price paid for electricity by households in the first three months of 2014 was almost 6% higher than in 2013.

Domestic gas prices have also risen, up almost 5% in the first quarter of 2014 compared to the same period in 2013, the figures from the Department of Energy and Climate Change revealed.

Final decisions from the investigation are likely to be published by the end of 2015.

shares

4 comments

  • Where is my comment,also left earlier today. What is the point of comments when they are not published especially when specifically relevant to the story. Might as well just not bother as Archant and EADT obviously know best.

    Report this comment

    Seahawk

    Monday, June 30, 2014

  • Ipswich Star....where's my comment regarding this ?

    Report this comment

    freedomf

    Monday, June 30, 2014

  • Whilst any investigation is welcome, why on earth aren't home heating oil prices included - nothing is ever done to look into these, which is suspiciously surprising given the volume of rural homes in the East depending on oil. There seems to be no control over these prices at all, and suppliers allowed to get away with supply and demand prices. Let's have some transparency into this industry, like is starting to happen with electricity and gas.

    Report this comment

    Seahawk

    Monday, June 30, 2014

  • 'Competition' ?, the only competition is who can charge the most and get away with it !, A Licence to print money given to them by the 'Tories' !, some whom thatcher's cabinet members were even appointed to run them, of course with all the perks and shares !, just another load of tory tosh !, we know your getting scared because the General Election is coming, so you should be !

    Report this comment

    freedomf

    Monday, June 30, 2014

The views expressed in the above comments do not necessarily reflect the views of this site

Two fire crews have tackled a blaze involving a container full of rubbish.

Two fire crews have tackled a blaze in a shipping container at a site in Henley Road, Ipswich.

Benefit cheat in court

An Ipswich benefit cheat has been spared prison after she fiddled more than £15,000 in false claims over 29 months.

Dancers preparing for Inspire Suffolk's Strictly event.

Inspire Suffolk has teamed up with Ipswich School of Dancing to train 10 local amateur dancers in preparation for a Strictly Come Dancing-style fundraising event in July.

Drink-drivers in court

A two-time drink-driver who crashed into the rear of another car while more than twice the limit has lost his licence.

A BMW X1

Hundreds of thousands of pounds were spent on luxury cars for managers by the East of England Ambulance Service Trust (EEAST) in the past year, it has emerged.

Gemma Grace, from Ipswich, speaks about living with autism.

Autism is not an illness, it is just a different way of seeing the world.

The Mendlesham Street Fair in full swing.

Fun, laughter and a sense of community were the order of the day at the annual Mendlesham Community Council Street Fayre.

Two teenagers have been arrested following the death of a 14 year old boy after an incident at an address in Thurston.

Friends of a 13-year-old schoolboy from Thurston who died after being shot with an air rifle have paid tribute.

Runners of all ages got together in Bank Holiday Monday for the Felixstowe fun run.

Hundreds of eager runners gathered along the Felixstowe seafront this morning in their best fancy dress for the annual Rotary Club of Felixstowe Fun Run.

Celebrations at Holbrook academy after funding has been granted for new roof 
Nat Reid, loïs graham Iain Bramhill of ingleton wood, Simon Letman head teacher South Suffolk MP James Cartlidge,  Howard Sheldon Ingelton Wood, sydnee Nicholas, Maddie holland. 
Nathan Waller, zander Simpson alek pawlewski, Marcus Jones.

Fourteen schools and academies across Suffolk are celebrating receiving a sizeable funding boost from the government for urgent repairs.

Most read

Most commented

HOT JOBS

Show Job Lists

Topic pages

Streetlife

Newsletter Sign Up

Great British Life

Great British Life
MyDate24 MyPhotos24