The energy regulator Ofgem has said that new measures that will come into force in March will make the energy market fairer and more transparent, which will benefit consumers and independent suppliers.
Under the new rules, energy firms will have to publish wholesale power prices two years in advance and will be forced to offer customers the best deals.
Ofgem said it believes that these measures will allow energy suppliers away from the ‘big six’ to trade fairly. It has warned that the largest firms should follow the rules or face financial penalties.
CEO of the energy regulator Andrew Wright said, “These reforms give independent suppliers, generators and new entrants to the market, both the visibility of prices and opportunities to trade that they need to compete with the largest energy suppliers. Almost two million customers are with independent suppliers, and we expect these reforms to help these suppliers and any new entrants to grow.”
He added, “We also want to ensure that information on revenues, costs and profits of the largest energy suppliers is as clear as possible for consumers. Both of these reforms will help ensure competition bears down as effectively as possible on prices.”
Commenting on Ofgem’s announcement, the trade body Energy UK said, “The sector, across members of all sizes, has worked with Ofgem on these measures and will continue to be active partners as the reform package rolls out.
“Ofgem already receives information about costs and trading and we are working together on ways to make our information more easily and widely available.”
In November, Ofgem criticised the profits made by energy firms, saying that energy price hikes were the result of “profiteering” by the industry.
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