The UK Government is to take decisive action to address energy prices very soon.
Yesterday, Secretary of State for Business, Energy and Industrial Strategy (BEIS), Greg Clark, told the Select Committee he would soon publish his department’s response to the Competition and Markets Authority (CMA) report on failings in the energy market.
He said customers being overcharged in the region of £1.2 billion a year for their energy was a “completely unacceptable detriment to customers” and was “determined it will come to an end”.
Mr Clark added: “It is clear the market isn’t working for customers on default tariffs.”
He went on to emphasise his disappointment in suppliers’ lack of responsibility towards their most vulnerable customers and promised a strong response.
The Energy Secretary suggested the nationwide rollout of smart meters by 2020 was on track and would likely help repair trust and clarity between consumers and electricity providers.
At the same hearing, Climate Change Minister Nick Hurd said the UK Government’s long awaited strategy for meeting carbon budgets may not be published by the general election in June.
A Managing Director of a UK energy firm told ELN the “inactive Big Six will sit back and wait” for the CMA fixes to come into effect.