Commenting on the report by the CMA into the energy retail market, Dr Adam Marshall, Executive Director of Policy and External Affairs at the British Chambers of Commerce, said:
“That the CMA has found problems in the energy market will come as no surprise to businesses and households.
“One thread running through this report is about the lack of trust in energy firms and to tackle that, the big six must be more open and more responsive in sharing the savings when wholesale prices fall.
“Any moves to help new entrants get into this market are to be welcomed. The more competition in the market, the more vibrant and inventive it will become – to the benefit of households and businesses alike.
“The CMA have also highlighted weakness in regulation. For too long, sectoral regulators seem to have been asleep at the wheel, failing business and domestic consumers. If they cannot handle the job, it may be time to look at an enhanced role for the CMA to act as the over-arching body to make sure competition works.”
Commentating on the need for a long-term energy policy, Dr Marshall added:
Having an energy market that works and is secure over the long-term is crucial. Aligned to a market that functions well, we need to develop a 50 year energy security strategy. This is long overdue and the Government must move this from the ‘too-difficult’ pile and make it an urgent priority.