29th Jun 2015 11:11
LONDON (Alliance News) - The UK Competition and Markets Authority is expected to report that millions of households are paying hundreds of pounds too much for their energy bills due to a lack of competition between the so-called 'Big Six' energy firms next week, reported the Telegraph Sunday.
The authority has been investigating the energy market since 2014 over a series of concerns about the UK energy sector as it began an 18-month investigation that could result in the Big Six suppliers being broken up.
The Big Six comprises British Gas, which is owned by Centrica PLC, SSE PLC, ScottishPower, E.On, EDF and nPower.
The authority is due to release its final report on July 7, which is expected to state that Britain's biggest companies are able to charge higher prices for their standard tariffs because the majority of customers are not engaged in the market and do not switch to cheaper deals, said the Telegraph.
The CMA is expected to propose dozens of potential remedies including measures to either try to make customers shop around, or to limit the prices they are charged is they fail to do so. But the watchdog will not recommend that the Big Six be broken up, despite calls from some of the companies' critics to do so, it reported.
http://www.telegraph.co.uk/news/earth/energy/11704775/Millions-paying-too-much-for-energy-due-to-lack-of-competition.html
By Joshua Warner; [email protected]; @JoshAlliance
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