Energy wars spark UK blackout fears March 28, 2014 OFGEM’S decision to refer the UK’s energy market for a full-scale investigation will put the UK at a higher risk of blackouts, the industry warned yesterday. The regulator has asked the new Competition and Markets Authority to probe competition in the retail energy market, following months of heightening political pressure to bring down customers’ bills. [...]
Why both sides of the debate must up their game on Europe March 28, 2014 FACTS are often scarce in the great European debate. It is possible for fair-minded people to come down on either side of the question. But it is incumbent on everybody to be as precise as possible – and not to exaggerate too much – when debating the pros and cons of the EU. On the [...]
Bottom Line: Ofgem probe is for all the wrong reasons March 28, 2014 THE UK’S regulatory authorities are supposed to be independent. Ofcom, Ofwat, Ofgem – all were set up to oversee our utilities markets and protect the interests of consumers. After yesterday’s referral of the energy market to the new Competition and Markets Authority (CMA) for a full-scale investigation, many will no longer see Ofgem as objective, [...]
Don’t just blame energy giants: Government is blunting competition March 27, 2014 IT IS not entirely unwelcome that the energy industry has been referred to the Competition and Markets Authority (CMA) by Ofgem. It may lance a festering boil; it may do some good. However, this will only be the case if the investigation is handled correctly. Too often, competition inquiries have created huge uncertainty and disruption. [...]
Scottish independence could impact results says Centrica March 27, 2014 Energy giant Centrica has warned of the consequences of a yes vote in Scotland's independence referendum as well as political interference in the energy market. The company made the comments in its annual financial report for the year to 20 February 2014. In the event that Scotland became independent parts of Centrica's upstream assets would [...]
Ofgem confirms companies are avoiding UK energy market due to political concerns March 27, 2014 A number of companies have chosen not to enter the UK retail energy market due to the current political environment, Ofgem confirmed today. As part of its long-awaited assessment of energy market competition, the regulator spoke to various firms who had chosen not to tap into the sector. “A consistent reason for not entering was [...]
What you need to know before the open March 27, 2014 A lower open’s expected for European markets this morning, following the slightly surprising selloff seen in US markets yesterday. It’s unclear quite how the selloff came about, but President Obama’s criticisms of Russia’s actions in Crimea probably didn’t help. Meanwhile, weak underlying durable goods numbers yesterday point to still-listless demand on the US consumer front. [...]
Ofgem confirms full energy market investigation March 27, 2014 British households may be paying too much for energy, according to regulator Ofgem. The energy sector has been referred to the Competition and Markets Authority (CMA). The investigation could take between 18 and 24 months. Ofgem proposed that the CMA investigate the market to consider "once and for all" whether there are barriers to effective [...]
Politicians clamour to take credit for SSE price freeze March 26, 2014 POLITICIANS yesterday rushed to take credit for SSE’s pledge to freeze energy prices until 2016, despite the big six supplier combining the move with plans to slash its renewables investment and axe jobs. Prime minister David Cameron said the government’s decision to roll back some green levies from customers’ bills was responsible for the decision. [...]
Price controls don’t work. It’s time to empower consumers March 26, 2014 CONSUMERS and politicians should draw very careful lessons from the news that SSE, the energy giant, is freezing its prices. This is hardly the victory that some on the left believe it to be. Ed Miliband’s attack on the energy industry last September came at a time of elevated wholesale costs in the energy markets. [...]