The Competition and Markets Authority (CMA) has overturned its decision to hold back the results of its investigation into Ofgem’s network price controls in a bid to keep the public informed of all factors affecting energy prices.
The CMA quickly backtracked after a warning from former Energy and Climate Change Committee chair Tim Yeo with regard to transparency. Yeo stated that the CMA should make its evidence public, pointing out that:
“distribution companies receive less public and media scrutiny than, for example, the big six, despite the fact that their charges are a significant element in consumer bills. It is therefore all the more important that their submissions should be published at the earliest possible date.”
We completely agree Tim. The big six energy suppliers have been in the firing line in recent months while distribution companies have received far less press. It’s only fair that consumers are well educated on the whole spectrum of how their energy prices are made up.
Too little education will only increase mistrust towards suppliers and a general negativity towards the energy market.
The suppliers themselves brought this to the attention of Ofgem earlier this year asking for greater leniency and more focus on network costs.
The CMA will now publish the submissions in late July or early August with its final findings due at the end of September.
Business Juice have already published information on the way energy prices are made up – have a look here.