Energy experts call for Ofgem to force reform

Ofgem have been put under more pressure to reform the UK energy markets. Independent energy firm Bergen Energi are insisting the Big Six get more stick and less carrot, by […]

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By Tom Gibson

Ofgem have been put under more pressure to reform the UK energy markets. Independent energy firm Bergen Energi are insisting the Big Six get more stick and less carrot, by installing a new ‘tracker pricing’ scheme which would reveal how much bills change in line with wholesale costs.

Paul Caile from Bergen Energi said: “The falls in wholesale energy prices are not translating into lower retail prices as quickly as increases are leading to higher retail prices.We want Ofgem to insist the UK’s energy suppliers follow a tracker pricingscheme which follows movement in the wholesale market, in order to provide customers with a more transparent way of pricing.”

The Big Six were under investigation by Ofgem last summer over price transparency, but insisted they were open and honest over billing.

Despite Bergen claiming wholesale prices have fallen by 20% since September 2011, consumer groups feel retail prices haven’t mirrored the pattern.