Energy Regulation – Based on the outcome of the general election, one of the following is likely to be implemented:
Plans are beginning to emerge ahead of the general election on Thursday 8th June.
Whichever party claims victory, the energy sector is going to experience some changes to Energy Regulation.
manifesto pledges
Conservative victory
1.A cap will be set on how high standard rate energy tariffs can go.
manifesto pledges
Labour victory
Limit the amount that can be charged to those on standard rate energy tariffs
Measures taken to provide cheaper fixed deals
Potentially the renationalisation of the energy industry
There will be more scrutiny than ever whichever party wins the election.
What recent impact has Ofgem regulation had on the UK energy sector?
Ofgem has already made considerable headway in changing Ofgem regulations so that consumers get a better deal.
Ofgem reported the energy market to the Competition and Markets Authority (CMA). This resulted in a full investigation into profiteering and measures being put in place to drive competition by getting people to switch energy providers.
Furthermore, the head of Ofgem regulation will be tackling how the national grid will cope with the transition to energy generation from greener resources. He will also have to consider a plan for backup power that will not break the bank, as diesel generators would be likely to fully exploit any fuel shortage.
You too can do your bit to drive competition in the energy sector by using a consultant like Black Sheep Utilities to compare the prices from all of the UK’s energy providers…
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