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“A full investigation by the CMA should expose once and for all if the UK energy market is dysfunctional..."

26 June 2014

Gocompare.com comments on Ofgem referring the energy market for a full competition investigation

Commenting on Ofgem referring the energy market for a full competition investigation, Jeremy Cryer, energy spokesperson at Gocompare.com, said:

“This is a welcome move by the regulator to refer the energy market for a full competition investigation by the Competition and Markets Authority (CMA). Consumers have little confidence in the current system providing real competition between the big energy suppliers, which in turn deters them from seeking out better deals.

“A full investigation by the CMA should expose once and for all if the UK energy market is dysfunctional, or put our minds at rest that everything is working as it should and consumers are getting a fair deal.

“The ‘big six’ moniker is well earned – together the UK’s biggest energy companies supply over 94% of all household gas and electricity – and with confidence in the energy market at rock bottom a move to increase transparency and rebuild consumer trust is long overdue.

“The issue of trust is particularly important as mistrust of the energy market doesn’t just affect the big players at which much of the criticism is directed. In a recent Gocompare.com survey of householders who were customers of the big six, almost one in five (17%) said they wouldn’t consider switching to smaller supplier, with 22% saying this was because ‘all energy companies are the same’.”*

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Notes to editors:

* Based on research commissioned by Gocompare.com and carried out by Consumer Intelligence on 13 and 14 December 2013 with 2,016 UK adults who are customers of the ‘big six’ energy suppliers (British Gas, ScottishPower, E.ON, npower, EDF, and SSE).

Region, age and gender breakdowns of the survey results are also available.