Energy market investigation presses ahead
Originally published by UK Liberal Democrats
In a major step towards ensuring that the energy market works for customers, Ed Davey has asked Ofgem and CMA to undertake an investigation in the energy market.
The investigation will not affect Britain's energy supplies. We are working with Ofgem and National Grid to balance supply and demand, and to ensure we have enough sufficient generating capacity.
The market investigation will provide investors with the certainty they need to make long-term investment decisions. A £104 billion investment in electricity infrastructure is already in the pipeline to 2020.
Ed Davey said:
"This is a major step towards ensuring that the UK's energy market really does work for consumers and springs from the first annual competition assessment which I asked Ofgem and the CMA to undertake. Having a full energy market investigation with real teeth is something that the last Government failed to do time and time again.
"Everyone should give their full support to this independent investigation. While it is underway we're not slowing down the reforms that are giving people a better deal on their energy including £50 taken off average household bills, the number of smaller energy suppliers almost trebling since 2010, faster and easier switching and simpler tariffs and bills."
According to the US Chamber of Commerce, the UK is now the fourth most energy secure nation on earth, while Ernst and Young have assessed us as one of the most attractive locations for investment in renewables.
Liberal Democrats in Government are doing everything they can to help customers. We are reforming the market and introducing more competition, we've taken around £50 off the average household bill, introduced simpler tariffs and bills, and are making switching faster.
Since 2010, investment worth more than £45 billion has been secured in electricity infrastructure alone - the majority being in renewable technologies.