06 May THE UK MARKET IN GAS AND ELECTRICITY
Article 1: UK Energy market: Gas and electricity The UK market in gas and electricity is currently subject to a lot of public criticism. Ofgem (the UK government’s regulator) reported that that competition is being stifled by “a combination of tariff complexity, poor supplier behaviour, and lack of transparency”. The market is dominated by six large suppliers, and there are strong barriers to entry. Most wholesale gas is imported into the UK from Norway and Qatar, and is priced in US dollars. A large proportion of electricity is also generated using imported gas in gas-fired power stations. Thus, import prices are important in this market. According to Ofgem, “there is evidence that the Big Six have adjusted prices in response to rising costs [of wholesale gas] more quickly than they reduced them when costs fell”. Chief Executive Alistair Buchanan said: “Energy companies have failed to play it straight with consumers and so Ofgem is proposing to break the stranglehold the Big Six have over the electricity market by making them auction up to 20 per cent of their generation output. This would increase price transparency and make it easier for new players to enter the retail market. “Consumers have told us that energy suppliers’ prices are too complicated. It is no surprise that they are bamboozled when tariff complexity has increased from 180 to more than 300 [different prices] since 2008. That is why we are planning to sweep away this complexity so suppliers’ prices are fully exposed to allow easy price comparisons. “We are also backing these reforms with a tough approach to enforcement. Consumers must have confidence that energy companies are playing fair at a time when they are being asked to foot the £200 billion bill to pay for the investment Britain needs to ensure secure and sustainable energy supplies”. Energy prices have become a big political issue, especially since the UK voted to leave the European Union (EU) on 23 June 2016 which led to a significant fall in the exchange rate (pound against the US dollar).
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