Dear Chief Executives of OFGEM, OFT & CMA,
Nine in 10 consumers tell us the energy market should be referred for further investigation.
As your organisations are about to jointly report on the market assessment, our organisations jointly call on you to refer the market for a phase two investigation to address the pressing issues in the energy market today.
Which? research shows that seven in 10 consumers are worried about energy prices and only one in five trust the energy companies. Ever rising energy bills also continue to be a major concern for small and micro businesses, whose needs are more similar to consumers’ than big business as set out in a recent report for the FSB.
It is clear that the energy market is broken and urgently needs fixing. Top of our concerns is the need to increase competition and to make trading transparent. For too long the lack of competition in the energy market has not been addressed. It is now time for radical changes that deliver an effective, competitive market that works for everyone, before the scale of this crisis worsens.
We all want to see a transparent market where consumers and businesses alike can understand their bills, compare prices and switch easily. We want to see the presence of strong competition right across the industry drive affordable pricing that give everyone the confidence they are paying a fair price for their energy.
Only then will we genuinely be able to set about reversing the trend, and rebuild consumer trust in the energy market.
Richard Lloyd, Mike Cherry
Executive Director, Which? FSB National Policy Chairman