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| Energy market to face full competition investigation | Energy market to face full competition investigation |
| (35 minutes later) | |
| The UK's energy market is to face a full investigation by the Competition and Markets Authority (CMA), the regulator Ofgem has announced. | The UK's energy market is to face a full investigation by the Competition and Markets Authority (CMA), the regulator Ofgem has announced. |
| The probe will last 18 months and is expected to include a look at the profits of the six largest suppliers. | |
| Ofgem said in March it intended to refer the industry to the CMA. | Ofgem said in March it intended to refer the industry to the CMA. |
| "This will help build consumer trust and confidence in the energy market." said Ofgem chief executive Dermot Nolan. | "This will help build consumer trust and confidence in the energy market." said Ofgem chief executive Dermot Nolan. |
| "Now is the right time to refer the energy market to the CMA for the benefit of consumers. | "Now is the right time to refer the energy market to the CMA for the benefit of consumers. |
| "There is near-unanimous support for a referral and the CMA investigation offers an important opportunity to clear the air." | "There is near-unanimous support for a referral and the CMA investigation offers an important opportunity to clear the air." |
| In March an Ofgem report questioned the effectiveness of competition in the market and recommended a full inquiry. It was then required by law to consult other interested parties before making a final referral. | |
| Ofgem also wants the CMA to examine whether there is sufficient competition between the large energy providers, and whether consumers who do not switch supplier are being set higher prices. | |
| Energy UK, which represents the largest energy companies, said it welcomed the investigation. "The competition inquiry will allow us to put to bed the toxic debate and shine a light on the progress the industry has already made" said its spokesperson Angela Knight. | |
| And she added: "There are now more companies than ever in the market, switching is on the up especially to smaller suppliers and the industry is making it easier than ever for customers to engage with their company." |