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Forum of Private Business responds to the latest Ofgem announcement on competition in the energy market

Responding to today's announcement by Ofgem, Phil Orford, Chief Executive of the Forum of Private Business said,

"Today's non-announcement means further delays in tackling the energy market. Business consumers, not just households, have been hit by above inflation increases in their energy bills. However, whilst the costs of doing business are a problem in the short term, we are mindful of the longer term issues of energy supply. For all that businesses might distrust some of their energy suppliers, they recognise that investment needs to be made in future energy supply. Hanging the sword of Damocles' over energy companies perhaps isn't the best way of encouraging that investment in the long term.


"The resolution we need is not breaking up the big six but better transparency on their processes and source of profit; not to create a whole raft of new energy providers, but to better promote the other alternatives that are already out there; not to place uncertainty on firms we need to invest in energy sources, but to ensure their efforts are more robustly monitored by Government and consumers."
On switching

"All consumers can vote with their feet. 30% of the non-domestic sector energy market is outside the Big 6 and switching activity is taking place. We would like to see switching increase and changes coming in shortly as part of the Retail Market Review should support that."

On the regulator, Ofgem

"Ofgem moves frustratingly slowly on issues around energy. Government now has to ask itself, if Ofgem lacks power to take action, as has been the excuse for passing this to the CMA, then perhaps it's time to reconsider the role of Ofgem moving forward."

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