Regulator to consider energy markets

Between 1 July 2019 and 31 December 2019, at least 10% of people who switched energy supplier for both gas & electricity with Uswitch saved £479 or more.

The energy regulator has announced that it is to launch a probe to examine the UK's gas and electricity markets.

Ofgem's new investigation has been planned to address the concerns of consumers that the sector has become uncompetitive for household and business energy users.

However, the body has added that it is yet to discover any evidence of price fixing by any of the UK's leading energy suppliers, but stated anyone with proof of such behaviour should come forward.

Alistair Buchanan, the regulator's chief executive, said that the probe will consider if the market is still working well for all consumers in the UK.

He added: "Customers certainly should not stop switching as there are still big savings to be made by changing your price plan, your supplier and the way you pay."

Major energy suppliers including British Gas, EDF Energy and npower have all increased their gas and electricity prices since the start of the year.

Scottish and Southern Energy is the only supplier of the 'Big Six' not to up its prices, but stated it is planning to review its tariffs at the start of British Summer Time.

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