Last chance for Ofgem to end energy monopoly
Ofgem has been about as effective in regulating the Big Six as a squirrel trying operate a fork lift truck, and now ministers say it’ll be scrapped if it doesn’t end the monopoly on the energy market.
The ministers’ exact words were that it was in the ‘last chance saloon’ and if it doesn’t encourage more small suppliers to compete, it’ll be scrapped like broken combi boiler.
The government wants to shake up the energy market and create more competition, and have accused Ofgem of getting too cosy with the Big Six. As a result, the big buggers are profiteering, while insisting to Ofgem that their profit margins are small.
Unless Ofgem up their game and deliver an actual plan to end the reign of the Big Six, and stop customers from being overcharged (which is why they exist in the first place), then they will be dissolved, and energy regulation will be in the hands of the Department of Energy and Climate Change.
Ofgem got a bit stroppy about rumours that they might be for the chop. ‘We don’t comment on speculation. We are working with the OFT and the Competition and Markets Authority on our assessment of competition in the energy market and we will be publishing by the end of March.’
Meanwhile, it seems that they’re REALLY not popular in Whitehall – so they’d better watch it.
‘Ofgem have been a nightmare for years.’ Said one government source. ‘They keep Government in the dark about what they’re doing and then spring things on us at the last minute - usually at 3.30 on a Friday afternoon.’