Watchdog declines to act on energy prices

[Richardp]

''Regulator Ofgem has said it had no plans to refer the UK's "big six" energy firms to competition authorities despite a survey showing nine out of ten customers feeling ripped off.

The regulator is unconcerned over competition issues in the market, although households are braced for a series of price hikes from energy firms after Npower raised gas and electricity charges at the beginning of the month.''
These people get paid huge sums to protect us from unscrupulous privateers, they need regulating themselves its a sham!.
http://ukpress.google.com/article/ALeqM5h_pgwNWgAc3KCXQWzsnOlWyDCCZQ

 

[tim west]

sounds like they are getting huge sums off the energy companies aswell, oops should I have said that?

 

[joe-90]

They can't stop the price rise of oil and gas - so what can they do?

 

[blondini]

They can't stop the price rise of oil and gas - so what can they do?

No they can't, but something smells.

According to the link, "The "big six" are set to announce record annual profits of around £4.5 billion for 2007"

"The companies enjoyed a “bumper year” in 2007, profiting from a dramatic fall in the wholesale price of gas amid allegations they failed to pass on savings to householders. Analysts believe the companies are now poised to report record annual profits of more than £4.5 billion"

"The companies last week confirmed that they were meeting regularly under the auspices of the Energy Retail Association. The association says market-sensitive issues are never talked about and pricing policies are discussed only in the context of a public debate about best practice. Rival energy companies say the association is a “closed shop” for the dominant companies and the minutes of meetings should be published"

Ofgem, the inddustry regulator who are declining to act, do not seem to be aware of their own priorities.
From Ofgems website.
Protecting consumers is Ofgem’s first priority. We do this by:
promoting competition, wherever appropriate, and regulating the monopoly companies which run the gas and electricity networks.

Energywatch, the independent watchdog, who are repeating calls for the issue to be referrred to the Competion Commission say almost exactly the same thing on their website.
Putting consumers first
As the independent gas and electricity watchdog, our mission is simple: to get the best deal we can for energy consumers.

Ofgem are going to come under a lot of pressure to justify their position.

 

[Richardp]

If the Regulators aren't doing anything, well! they might as well give up and go home, whats the point of having them? before privatisation they didn't exist and they might as well not now.
If when they were put in place they said ''these people are here for the benefit of the shareholders, that would be fine but their suppose to be there for you and me, so we don't get exploited.

 

[Bilioustrumpstaine]

We might as well drop our trousers and bend over when it comes to the utility companies.

 

[ColJack]

question for you...

who regulates the regulators???

also, why is there only one monopolies committee???

 

[Deluks]

Up and down up and down.
I'm sure in the summer (when people use less leccy and gas) we'll see a price war. They're hiking their prices up now to give them some headroom to make big savings*, crafty buggers.


*Like in the few weeks before an MFI half price sale they charge about £120 for a single kitchen wall cabinet.

 

[NS215]

there was an expert in the field on tv earlier, saying gas price rises are out of order, as they have nothing to do with oil prices, Unlike electricity prices, as gas comes from the uk,norway and the netherlands with loads of pipes to pump it, just jumping jumping on the bandwagon of lets rip our consumers off as there is nowt they can do