A powerful MP committee to initiate a drastic review of the energy market as taxpayers face a £ 3 billion bill (£ 100 per household) for failed suppliers
MP’s powerful committee is ready to begin a radical overhaul of the energy market as taxpayers face a £ 3 billion (£ 100 per household) bill against failed suppliers. increase.
The Commons Business, Industry and Energy Strategy Committee will discuss plans for the study on Tuesday. It can be revealed by email on Sunday.
Chairman Darren Jones aims to begin an investigation before Christmas when it turns green, before burning the minister, regulator Ofgem, and energy bosses early next year.
Survey: This survey examines Ofgem’s role in protecting customers from rising energy prices and energy price caps.
This study examines Ofgem’s role in protecting customers from rising energy prices caused by rising global gas prices and energy price caps.
The failure of Bulb and 26 other energy suppliers since January has hit more than 4.2 million customers and could cost taxpayers £ 3 billion, according to MoS’s analysis by price comparison site The EnergyShop. there is.
The bill includes a £ 1.7 billion government bailout to fund light bulbs throughout the winter after the UK’s seventh-largest supplier, which has 1.6 million household customers, collapsed into a special administration last Wednesday. It has been.
Jones said: “This £ 1.7 billion debt is yet another burden on people’s energy bills. Is there anyone else? How much check is the Prime Minister writing in the business secretary to be able to take on this? Jonathan Breeley, Offgem’s Chief Executive Officer, will be asked to submit evidence in public, along with Secretary-General Kwasi Kwaten, Energy Minister Greg Hands, and energy industry bosses, according to Jones. That is.
He added: You need to understand what happened and how to improve it. I don’t want to punch up with Jonathan, but there are important questions that regulators need to answer.
Jones needs to consider whether Ofgem needs a more “interventionist” approach to suppliers reporting financial difficulties, and “misleading” price limits. He said he would consider whether.
“Consumers don’t really understand what it is [price cap] “He said. “We need to break through our commercial position and understand what really works for our customers.”
The findings could help notify the new energy bill next year.
Whitehall sources say ministers recognize that market reforms are inevitable, “when the fog clears and global gas prices return to normal, retail markets will need to be considered more seriously.” Added.
Sources claimed that the £ 1.7 billion given to the light bulb manager was a loan and the government wanted to recover a majority through the sale of the light bulb or its assets.
But Joe Malinowski, founder of The EnergyShop, said the minister was “away from the fairies” if he believed the money would be recovered, “households will definitely bear the loss of this disaster. Let’s add. ”
Gillian Cooper, Head of Energy Policy at Citizens Advice, said:
“There is an urgent need for reforms to protect customers and taxpayers from paying when an energy company collapses.”
MP investigates energy meltdown when costs reach £ 100 per household
Source link MP investigates energy meltdown when costs reach £ 100 per household