Investigation into energy industry extended
There's a lot of hate and a lot of explaining to do, so this isn't much of a surprise really.
The regulator's new deadline has been moved from 25th December to 25th June, which means investigators can have a Christmas dinners, but they will be releasing their provisional proposals in January.
The CMA also have to look into the problems with the private healthcare market, as well as reviewing BT's takeover of EE. They've got a lot of work to do, clearly.
The regulator recently said that the British public had paid around £1.2bn a year too much for domestic energy from the big six providers. This is a claim that the Big Six deny, obviously. There's talk of a temporary price-cap while this all gets sorted, but nothing concrete has been said about that yet.
Roger Witcomb, chairman of the investigation, said: “As the most comprehensive investigation into the energy market since privatisation, this is a once in a generation opportunity to shape the future of this market for the better. It’s important that we get it right."
“This is a huge programme of work and we have concluded that we could not complete it by the original statutory deadline. We have therefore decided there are special reasons for extending the reference period which will allow us some extra time to finish the job.”