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Government Unveils Energy Reforms

04 Nov 2013

The Government has unveiled a suite of developments in the energy market, including the view of immoral authorisations, increasing penalties for any such market manipulation and moves to make switching supplier simpler.

Energy Secretary Ed Davey said the industry needed to change to put consumers “in control”, during the continuing controversy over rising bills. Mr Davey has said that these reforms will make it easier for consumers to switch and get the best deal, which will force energy companies to compete more dynamically for their custom.

The minister announced plans to make switching simpler and quicker, and a new investigation into energy firms’ accounts, to make them more transparent on profits and prices, as well as increasing penalties for market manipulation and regularly checking that the market is working.

He said: “The energy industry needs to change to put consumers in control. That means making it easy for people to change supplier to save money, it means regular market assessments to check their behaviour, and it means tougher penalties for market manipulation and putting an end to opaque finances.”

(Source: The Telegraph, 4 Nov 2013)