Energy firms urged to lift lid on prices

Michael Bow
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THE UK’s Big Six energy companies should be forced to reveal how much energy they have bought and sold from themselves, in a bid to increase transparency and customer trust, MPs said yesterday.

The Energy and Climate Change Committee, headed by Conservative MP Tim Yeo, said there was not enough information about suppliers’ wholesale arrangement, hitting competition and consumer confidence.

The committee also called on the energy regulator Ofgem to do more to fight anti-competitive behaviour.

“Even before the recent reports of wholesale price-fixing, we were extremely concerned about the lack of transparency around wholesale prices and suppliers’ trading arrangements,” Yeo said.

“Ofgem must get its act together. It should require greater transparency around wholesale prices, trading and the link between wholesale prices and supply prices.”

The MPs also said the Big Six – comprised of British Gas, EDF Energy, E.ON, nPower, Scottish Power and SSE– should be subject to an annual report from Ofgem, outlining how they made their profits.

“A recurring theme throughout this inquiry has been the lack of transparency about where the money that people pay for their energy goes,” Yeo said. “Consumers deserve greater transparency in their bills.”