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Written question asked by Jim Cunningham (Labour) on Monday, 16 October 2017, in the House of Commons. It was due for an answer on Thursday, 19 October 2017 (named day). It was answered by Margot James (Conservative) on Thursday, 19 October 2017 on behalf of the Department for Business, Energy and Industrial Strategy.

Energy: Prices

Question

To ask the Secretary of State for Business, Energy and Industrial Strategy, what assessment his Department has made of the effectiveness of competition conditions for domestic supply contracts within the retail energy market; and if he will make a statement.

Answer

Since 2010, the number of domestic energy suppliers in the UK has increased from 13 to over 60 and independent suppliers now have over 20% share of the dual fuel market. In addition, almost 3 million electricity and gas switches took place between January and July this year.

However, the Competition and Markets Authority has found that millions of domestic energy customers were paying around £1.4 billion annually more than they would if the market were functioning effectively. On 12 October the Government published a draft Bill for pre-legislative scrutiny that would require Ofgem to put in place a temporary price cap on standard variable and default tariffs.

Secondary information

Type
Written question
Reference
107746
Session
2017-19
Subjects
Competition Energy Prices
Link
View this Written question on www.parliament.uk