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10/02/2014
Competition Watchdog To Examine Profits Of Big Six Energy Companies
Energy Secretary Ed Davey has urged a competition watchdog to examine the benefits of the big six energy companies.
Mr Davey believes every household could save £40 a year if profit gas margins were of a similar level to electricity.
The Secretary has written a letter to energy regulator Ofgem, as well as the Competition and Markets Authority asking them to consider all possible remedies and to investigate the profit margins as part of an ongoing review.
He said that profit margins made by the big six energy firms are in some cases five times higher than previously thought for supplying household electricity.
Mr Davey suggested that if an investigation found evidence of a monopoly "to the detriment of the consumer", it could result in a company being broken up, according to Sky News.
(CVS/CD)
Mr Davey believes every household could save £40 a year if profit gas margins were of a similar level to electricity.
The Secretary has written a letter to energy regulator Ofgem, as well as the Competition and Markets Authority asking them to consider all possible remedies and to investigate the profit margins as part of an ongoing review.
He said that profit margins made by the big six energy firms are in some cases five times higher than previously thought for supplying household electricity.
Mr Davey suggested that if an investigation found evidence of a monopoly "to the detriment of the consumer", it could result in a company being broken up, according to Sky News.
(CVS/CD)
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