21st Sep 2015 10:26
LONDON (Alliance News) - UK anti-trust regulator the Competition and Markets Authority on Monday said it has extended its investigation into the UK energy market by a further six months and said it will release its final report four months later than originally planned.
The CMA was initially expecting to release its provisional decision and findings before Christmas Day in 2015, but now it intends to publish its provisional decision on remedies in January 2016 with a view to reaching its final decision by the end of April 2016.
The statutory deadline under the investigation timetable has been extended from December 25, 2015 to June 25, 2016.
"The extension is to allow the CMA sufficient time to consider the many detailed responses received from suppliers, consumer groups, government and regulators to the provisional findings and range of potential remedies published in July," it said in a statement.
"The inquiry group also wants to ensure it has sufficient time to conclude the further evidence-gathering and analysis required for the final report and to design any subsequent remedy package so that it is as comprehensive a solution as reasonable and practicable to any competition problems identified in the final report," it added.
The investigation was launched in June 2014 when market regulator Ofgem referred the electricity and gas supply market to the CMA over concerns about features of the market which were preventing, restricting or distorting competition.
The investigation and its results will affect the Big Six energy firms in the UK, which is comprised of British Gas, which is owned by Centrica PLC, SSE PLC, ScottishPower, E.On, EDF Energy and nPower. They are joined by over 20 smaller independent suppliers in the country.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
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