Ofgen tackles 'big six' energy suppliers monopoly
Regulator sets out plans to 'break the stranglehold' of industry giants including Centrica and Npower
Energy prices could come down after regulator Ofgem set out plans to "break the stranglehold of the big six energy suppliers", reports The Independent.
The industry giants, including Centrica, SSE and Npower, will have to post the prices at which they will buy and sell electricity up to two years in advance. If they do not trade fairly with smaller players they will face cash penalties.
While some industry bodies welcomed the announcement, one warned the reforms would make little difference.
"This is a step in the right direction but not a silver bullet for small suppliers who still face the problem of significant customer inertia," said Matt Osborne, energy analyst at Inenco.