UK energy market to be investigated by competition regulator
As Walker Morris reported recently, the Office of Gas and Electricity Markets (Ofgem) and the Office of Fair Trading (OFT) and its successor body, the Competition and Markets Authority (CMA), have been working together to assess whether the market for supply of gas and electricity to households and small firms in the UK is sufficiently competitive. They have now published their findings.
The results confirmed Ofgem’s previous analysis that competition in these markets is not working as well as it should. The findings relate to:
- Vertical integration and barriers to entry and expansion — as the six largest suppliers all own energy generation infrastructure such as power stations, as well as downstream supply businesses, it is difficult for new entrants that are not vertically integrated to compete against them. Ofgem believes that despite the wholesale market liquidity reforms, which take effect from next month, there are wider issues with vertical integration, which merit a closer review…
Click on the link below to read the rest of the Walker Morris briefing.
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