The investigation into competition in the energy market “will help set public confidence” in the industry, some of the Big Six suppliers said.
Energy provider npower believes the investigation is necessary to provide a “solid foundation for future energy policy”.
CEO Paul Massara said: “It’s time that the realities of the energy market were made public… We repeat our support for a full competition inquiry to provide solid, lasting evidence about the state of competition in the energy market today so that consumers and companies can be clear about the foundation for energy policy in the future.
“The energy industry is a long term industry and needs a solid basis to build on. More importantly, British consumers deserve a full, comprehensive and vigorous investigation, as only then will we be able to start to instil trust back into the UK energy industry.”
Tony Cocker, Chief Executive of E.ON UK also believes the inquiry “will once and for all get to the heart of any structural issues that exist or are perceived to exist and help us to all deal with many of the myths and misinformation that surround the energy market”.
ScottishPower also welcomed the proposal and pledged to contribute fully to it.
Chief Corporate Officer Keith Anderson said: “Now is the time for the acknowledged experts to consider differing perspectives on the market, resolve uncertainties and provide authoritative answers as to whether there are problems and if so, what measures are appropriate to address them.”
Another Big Six supplier SSE, which yesterday announced an energy price freeze until 2016, claims it has “consistently demonstrated its appetite for reform” that is in the interests of customers.
Chief Executive Alistair Phillips-Davies said: “Regulators, politicians, customers and SSE all want the same thing: an energy market that not only works for customers but is also trusted and seen to do so. We welcome any efforts to clear the air and in the meantime SSE will continue with its positive agenda for customers including its price freeze until at least 2016.”