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Independent Energy Companies and Ofgem
#1
The Liberal Party notes with concern the recent news that 2 further independent energy companies have fallen into administration, namely Utility Point and People’s Energy.

The failure of new entrants to the UK energy market is a perpetual issue with the latest taking the total to 7 this year, affecting 2 million consumers.

The UK regulator Ofgem continues to ignore the uneven market condition which inhibit new entrants, limiting consumer choice and reducing market pressure on prices whilst the UK energy market continues to be dominated by the big six companies who remain insulated from competition.

 At the same time an energy price cap may offer a short-term solution to hard pressed consumers, it prevents smaller suppliers passing on increases in wholesale prices threatening their long-term viability.

 The Liberal Party believes Ofgem (and indeed other UK regulatory bodies) should be given a new mandate to promote innovation and competition in their respective sectors.
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