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Major UK energy firms 'overcharged' Major UK energy firms 'overcharged'
(35 minutes later)
The big six energy suppliers have "overcharged" millions of energy customers to the tune of £1.2bn a year, said the Competition and Markets Authority (CMA). The big six energy suppliers "overcharged" millions of energy customers to the tune of £1.2bn a year, the Competition and Markets Authority (CMA) will say in a report expected on Tuesday.
It said the firms charged households 5% more than they would have in a competitive market over the period 2009 - 2013. Firms reportedly charged households 5% more than they would have in a competitive market.
It proposed measures to protect customers. The report refers to the period 2009 - 2013.
The CMA will also propose measures to protect customers.
One is a transitional price cap, while reforms are made to the energy market.One is a transitional price cap, while reforms are made to the energy market.
The big six are British Gas, E-On, Npower, EDF Energy, Scottish Power and SSE.
The findings will be seized upon by consumer groups as confirmation that the energy market has not been working for consumers.The findings will be seized upon by consumer groups as confirmation that the energy market has not been working for consumers.
The year long investigation is thought to have concluded that dual fuel customers could save on average £160 a year by switching.The year long investigation is thought to have concluded that dual fuel customers could save on average £160 a year by switching.
The CMA will say that gas and electricity prices have risen by 125% and 75% respectively in the past ten years, but that much of the increase in recent years has been down to environmental and network costs.The CMA will say that gas and electricity prices have risen by 125% and 75% respectively in the past ten years, but that much of the increase in recent years has been down to environmental and network costs.
It is understood that the CMA will say that recent reforms by the energy regulator OFGEM to encourage switching - by reducing the number of tariffs on offer - have not have the desired effect.It is understood that the CMA will say that recent reforms by the energy regulator OFGEM to encourage switching - by reducing the number of tariffs on offer - have not have the desired effect.
To help vulnerable customers, the CMA proposes that those on pre-payment meters, who are often charged the highest tariffs, should be the first to receive smart meters when the national roll-out gets underway.To help vulnerable customers, the CMA proposes that those on pre-payment meters, who are often charged the highest tariffs, should be the first to receive smart meters when the national roll-out gets underway.
The CMA will also propose measures to help businesses get a fairer deal for energy, including prohibiting energy contracts being automatically rolled over.The CMA will also propose measures to help businesses get a fairer deal for energy, including prohibiting energy contracts being automatically rolled over.
The year long investigation involved around a dozen site visits, 30 hearings and more than 100 submissions.The year long investigation involved around a dozen site visits, 30 hearings and more than 100 submissions.
The CMA's initial findings will be published at 7AM on Tuesday morning. It will then consult on its proposals and "remedies" and publish final recommendations before the end of the year.The CMA's initial findings will be published at 7AM on Tuesday morning. It will then consult on its proposals and "remedies" and publish final recommendations before the end of the year.